subject: Self Storage Space Industry that is Booming! [print this page] Self Storage Space Industry that is Booming!
According to a report (1 June 2006) by Mintel Consulting and in collaboration with the Self Storage Association of the United Kingdom space available for rental in the USA is approximately 1.6 billion rentable square feet, against 22 million rentable square feet in Australia and around 20 million in the United Kingdom. The report also states that there are around 41,000 facilities in the USA, 1,000 in Australia, around 700 in the United Kingdom and 220 in France.
The first self-storage facility started off in Texas in the late 1960s. And in 1970's it started expanding and today it is a flourishing business where out of 58,000 storage space worldwide, of which 50,000 are located in the US.
With the increasing online businesses and rising consumerism; consumer products giants like ebay and Amazon see storage space fulfilling their future space needs to a large extent. As Morgan Stanley notes, in just one telling index, "Over the 1996 to 2004 period, annual growth in US personal consumption expenditures averaged 3.9% nearly double the 2.2% pace recorded elsewhere in the so-called advanced world." The amount of space required carry a huge potential for such companies as it is cost benefit and very accessible.
Along with the commercial use, more and more Americans are using storage spaces for multiple uses from storing furniture to parking vehicles. It is become a way of life now with more and more people realizing its uses and merits.
Storage industry is growing by leaps and bounds at this pace it looks like there is no stopping. It was a small idea which has turned in to a huge prospective.
