The market for self storage space was introduced to Asia at the beginning of the 2000s. Initially, its demand in the Asian market was projected to be slow. But in recent years, the self-storage market has seen a gradual rise in demand as residents are slowly considering them as an extension of their residence or working space.
As such, we will be tackling a few key elements and factors that contribute to this phenomenon, and why the consumers in Asia will continuously grow and improve to meet the market and customers’ demand.
The economy in Singapore
Singapore already has a progressive economy to begin with, which is why a lot of people from other countries flock over to The Lion City for better employment opportunities. With a good economy, residents tend to purchase more not just on essentials like food and clothing, but for their wants, hobbies, collections and more – opulence is easily a thing among Singaporeans, with 14% of households in the island earning more than $15,000 SGD every month.
The living conditions in Singapore
Singapore and other metropolitan cities in Asia are experiencing a trend wherein living spaces are continuously shrinking. Coupled with the rise of minimalistic lifestyle, condo units, apartments, even townhouses, have seen a drop in their average sizes of up to 31.6% in the last 10 years, based on the research done by Knight Frank.
The fact that the locals of Singapore have a limited living space to work with doesn’t really help because as mentioned, the residents have slowly accumulated more and more personal belongings that they need to store in a safe and secure environment.
Alternative solutions for this problem
Cramming all your personal items into the space that you have is definitely an option. However, there is no guarantee that your home won’t be cluttered with your personal belongings if you own more than what you can house.
Up until recently, storage units were associated with business owners and corporate companies. But due to the rise of the economy and the growing trend of smaller-sized residential units, Singapore residents have found themselves needing an extension of their existing space and renting out a storage space in Singapore whether it is for their office paraphernalia or their personal home belongings.
The consequences of the COVID-19 pandemic
It is no secret that the global health crisis that was wrought by COVID-19 bore negative implications not just to our everyday lives, but also towards business operations. Internal teams had to cut down on their employees in attempts to keep their engines running by the bare minimum, and companies had to restructure their services to be more relevant in a world where non-essential services aren’t as patronized as they once were.
With the negative effects that business owners had to deal with during the pandemic, they had to cut down on their expenses in order to keep themselves afloat. This led to the increased demand for extra storage space, as they are trying to find a more flexible option in terms of cost and scalability. Some business owners are also keeping their eyes on making the permanent shift to working remotely, which makes storage unit for rent a more economical option than office rentals.
Conclusion
The self-storage sector will continue to grow, and will see even prospects leaning towards the use of storage units for individual, business, or any other use.
With Work+Store as your selected storage company, find the ideal space which allows you to meet your business requirements. From our all-day security features to our flexible service terms, we are able to support your business in many ways.
If you wish to find out more about Work+Store and our other storage options, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at space@workstore.com.sg for more information!