The self-storage industry today rents more than 150 million square meters or (1.65 billion square feet) of space, adding 23 million square metres (or 255 million square feet) of storage space in the last 5 years alone, at a growth rate of 15.5%, according to research institute Gitnux.org.
The self storage market was valued at US$54 billion in 2021 and has an anticipated growth rate (CAGR) of 7.53% until 2027, where it will reach an estimated $83,5 billion, according to Kingpin Market Research.
Unsurprisingly, the US is the world’s largest self storage market, with an incredible 90% of the world’s self storage units. The sector in the United States is expected to reach $115.62 billion by 2025, with over 49,000 self-storage operators on the continental United States alone.
The self storage industry in South Africa is achieving similar growth to the growth seen elsewhere. Marc Bromhall, CEO of Storage Buddy, notes that in the 20 years the self storage has existed in South Africa, it has consistently grown year-on-year, with a significant uptick since 2020, with revenues estimated in the hundreds of millions of Rands.
If you’re looking to store household goods, business documents, retail stock, equipment, vehicles or just about anything on the KZN North Coast, give North Store a call now on 076 604 9698, or drop your details below and we’ll get in touch with you. We have a wide range of units to choose from.
