The Romanian self storage market has identified itself as a stable market reaching 25,000 rentable sq m in 2022, which represents 0.2% share of total Europe area, according to the European Self Storage Industry research special report, launched by CBRE real estate consultancy firm. As of 31 March 2022, 43% of the lettable area is occupied, but the occupancy rate is expected to increase in near the future.
According to the CBRE’s report, in Romania, 43% of self storage units are rented by individuals, and 57% of self storage units are rented by corporate clients, which is the highest percentage in Europe. Thus, in terms of rental of self storage spaces by companies, Romania is followed by Poland (48%), Czech Republic (45%), and Spain (39%).
At the same time, the self storage average rent in Romania is 126 euros per sq m per year, the second cheapest rent in Europe after Latvia (96 euros/sq m/year), while the average rent in Europe is 290 euros/sq m/year.
”Self storage is a new product throughout Europe, contouring this year in our country as a valuable option when in need for a space with quick and easy accommodation. Being a storage alternative with numerous benefits for both companies and individuals, we estimate that the demand for self-storage services will have a spectacular evolution. Events in the last two years impacted positively the self storage market, events that contributed to its growth and dynamic forecasted evolution”, says Daniela Gavril, Head of Research at CBRE Romania.
The self-storage market all over Europe has had a record 2021 year, as total investment volumes reached 650 mln. euro, with 3.5x more than in 2020. Moreover, in the past five years the number of facilities has increased with 70%, amounting over 5,400 facilities with approximately 11.5 million sq m of lettable floor space in all European countries. With almost 40% market share, United Kingdom is the market leader in terms of stock, followed by France and Spain.
Most self storage operators have recorded an occupancy rate of over 85% across Europe, according to the European Self Storage Industry report. All countries have reported an increase of occupancy level during the pandemic. Therefore, Denmark and Czech Republic have reached an occupancy rate of 92% each, followed by Switzerland (88%) and Belgium (87%).
”As our research shows, operators intend to rise the number of self-storage facilities considering the global expansion of e-commerce. Thus, we expect an increase in the self storage market, especially in Romania where this service is becoming more and more attractive”, explains Daniela Gavril, Head of Research at CBRE Romania.