From Evolution to Establishment: What the 2025 SSAA Annual Survey Tells Us About Self Storage in Asia-Pacific
Each year, the SSAA Annual Survey provides a valuable moment of reflection for Asia-Pacific’s self storage industry. Rarely does it deliver dramatic shocks — and that in itself is telling. Self storage in Asia is not experiencing a revolution, but a steady and increasingly confident evolution.
The 2025 Asia-Pacific Self Storage Annual Report, prepared in collaboration with JLL, confirms that the sector has entered a new phase: one defined by stabilisation, maturing demand, and disciplined growth. Against a complex macroeconomic backdrop, the industry continues to demonstrate resilience, underpinned by strong structural drivers and a growing role in everyday urban life across the region
A more predictable macro backdrop
After several years of global volatility, the broader Asia-Pacific economic environment has begun to settle. Inflation has eased across most markets, interest rates are stabilising, and household incomes are recovering gradually. Regional GDP growth is forecast at just over 4% for 2025, led by emerging economies such as India, Vietnam, and the Philippines, while North Asian markets show slower but stable expansion.
For self storage operators, this translates into a more predictable operating environment. While financing costs remain elevated in some jurisdictions and land availability continues to constrain expansion, softer inflation and improving wage growth are supporting consumer spending and SME activity — both core demand drivers for the sector.
At the same time, urban density and housing affordability pressures remain structural features of Asia’s largest cities. In many major metropolitan areas, average apartment sizes remain well below 700 square feet, and price-to-income ratios continue to climb. These conditions reinforce the long-term relevance of self storage as an extension of living and working space, rather than a discretionary service.
An industry just starting its growth curve
“More than 60% of analysed cities across Asia-Pacific remain in nascent or emerging stages of self storage development.”
One of the clearest messages from the 2025 survey is how early Asia-Pacific remains in its self storage journey. When measured by penetration — rentable square footage per 1,000 urban residents — more than 60% of analysed cities still fall into nascent or emerging categories.
Only a handful of markets, including Singapore, Hong Kong, and parts of Japan, approach levels of maturity seen in Western markets. Elsewhere, from Southeast Asia to parts of South Asia and the Middle East, penetration remains low, offering a substantial long-term growth runway.
This maturity gap explains much of the region’s diversity. Mature markets increasingly focus on operational excellence, brand differentiation, and yield optimisation. Emerging markets, by contrast, continue to prioritise market education, location acquisition, and scale — often with first-mover advantages still available.
Fragmentation today, consolidation tomorrow
Despite steady professionalisation, Asia-Pacific’s self storage sector remains highly fragmented. Most markets are dominated by small to mid-sized operators, particularly in Southeast Asia, where ownership structures are still dispersed and portfolios are relatively modest.
However, consolidation is clearly underway. Mature markets such as Singapore, Hong Kong, and Japan now see the top five operators controlling more than half of total facilities. Japan, in particular, stands out with large, highly standardised networks, led by operators managing hundreds — and in some cases thousands — of facilities nationwide.
Cross-border platforms are also emerging. Multi-market operators such as StorHub, Extra Space, and Storefriendly highlight a growing appetite for regional scale, driven by institutional capital, operational efficiencies, and brand recognition. Over time, this consolidation is expected to reshape competition, raising standards while increasing barriers to entry.
Facilities reflect local realities
The physical form of self storage across Asia-Pacific reflects local land economics and urban conditions. In dense Asian cities such as Hong Kong and Tokyo, facilities are compact, often (but not always) under 10,000 square feet, and frequently located within converted commercial or industrial buildings.
In contrast, Southeast Asian and Middle Eastern (aka West Asia) markets tend to feature larger facilities — often purpose-built, low-rise, or standalone — supported by lower land costs and more flexible zoning. Across the region, industrial buildings remain the dominant format, accounting for nearly half of the total supply, followed by standalone developments and commercial conversions.
Purpose-built facilities are gradually increasing in share, particularly where operators seek greater efficiency, visibility, and sustainability performance.
Product mix is becoming more sophisticated
The evolution of product offerings mirrors market maturity. Climate-controlled storage now accounts for nearly half of all facilities across the region, and significantly more in markets such as Hong Kong, Singapore, South Korea, and Japan, where customer expectations and asset standards are higher.
In emerging markets, non-climate-controlled formats remain dominant, reflecting affordability considerations and simpler building stock. Container and mobile storage, while still niche, are gaining traction in selected markets, particularly where outdoor storage is viable.
Ownership models also vary. Leasehold structures dominate mature markets, driven by high land values and the growing role of institutional investors. Freehold ownership remains more common in emerging markets, where local operators benefit from lower entry costs and longer development horizons.
Demand: increasingly balanced, increasingly sticky
“As markets mature, business usage accelerates — turning self storage into an enabler of SME growth.”
Demand across Asia-Pacific continues to be led by individual users, who now account for approximately 72% of occupied space, up from pre-pandemic levels. For many households, self storage has become a semi-permanent extension of living space, rather than a short-term solution.
Business users — accounting for the remaining 28% — remain a critical anchor, particularly SMEs, retailers, logistics firms, and e-commerce operators. While their share has stabilised, their usage patterns are becoming more integrated into daily operations, especially in urban fulfilment and inventory management.
Notably, the survey highlights a clear relationship between market maturity and business usage. As consumer awareness stabilises, business demand tends to accelerate, reinforcing self storage’s role as both an economic indicator and an enabler of SME growth.
Retention, tenancy, and demographics
Retention trends reveal important differences across markets. Thailand and the Philippines report some of the highest repeat usage rates, driven by limited alternatives and growing familiarity. Hong Kong’s high retention is loyalty-led, reflecting long-standing storage habits under persistent space constraints.
Across the region, the average individual tenancy length now stands at just under 20 months, extending to over two years in Japan. Emerging markets such as India and Vietnam continue to see shorter tenancies, consistent with transitional usage and price sensitivity.
Demographically, users aged 36 to 60 remain the dominant segment, accounting for more than 60% of individual customers. Younger cohorts are growing rapidly in some markets, particularly where digital booking and online marketing are accelerating adoption.
Operational performance: stabilisation, not slowdown
Operationally, the sector has entered a stabilisation phase. Regional occupancy averages approximately 86%, marginally lower than 2024 but still firmly within healthy ranges. Markets such as India and Vietnam recorded occupancy gains, while others absorbed new supply at a measured pace.
Rental growth strengthened modestly in 2025, averaging 3.4% year-on-year, with Vietnam once again leading the region. Singapore and Malaysia posted steady increases, while Hong Kong remained stable. In India and China, operators continue to prioritise occupancy over rate growth amid competitive pressures.
Operating costs vary widely by market. Staffing remains the largest expense category, particularly in markets with more manual operations, while mature markets increasingly leverage automation and digital systems to maintain leaner cost structures.
Looking ahead: disciplined growth, stronger foundations
Looking forward, the outlook for Asia-Pacific self storage is one of measured optimism. Most operators expect moderate rental and profitability growth over the next three to five years, driven more by operational efficiency and portfolio optimisation than aggressive expansion.
Survey responses point to approximately 400 new facilities planned across the region between 2025 and 2027 — a clear shift away from rapid rollout towards selective, disciplined growth. Real estate costs, site availability, and regulatory complexity remain the most cited challenges, reinforcing the need for careful market selection and local expertise.
At the same time, digitalisation, value-added services, and sustainability initiatives are shaping the next chapter. From automation and remote access to solar installations and EV infrastructure, operators are investing in future-proofing their portfolios while responding to rising customer and investor expectations.
From innovation to everyday infrastructure
Perhaps the most important takeaway from the 2025 SSAA Annual Survey is this: self storage in Asia-Pacific is no longer an emerging novelty. It is steadily becoming part of the region’s everyday urban and commercial infrastructure.
As families adapt to smaller homes, businesses seek flexible space, and cities continue to densify, self storage’s relevance only deepens. The industry’s evolution — not revolution — is precisely what makes it resilient.
For operators, suppliers, and investors alike, the message is clear: the foundations are strong, the growth runway remains long, and the next phase will reward discipline, professionalism, and a long-term view.
Know your market. Benchmark with confidence. Plan with discipline.
The 2025 SSAA Annual Survey is more than a report — it is the most comprehensive snapshot of Asia-Pacific’s self storage landscape.
Understand penetration by city.
Track occupancy and rental trends.
Benchmark retention, product mix, and ownership structures.
See where consolidation is accelerating — and where first-mover advantages remain.
The operators who outperform the market do not guess. They measure.
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👉 The full 2025 Report is also available for purchase here: https://selfstorageasia.org/survey-2025