SINGAPORE: Self-storage providers are seeing a boom in demand due to the COVID-19 pandemic, with some already expanding their operations in Singapore.
Five providers told CNA that there were a rise in the take-up rates for spaces that people and businesses rent to store personal items or inventory.
Providers said more people are realising that they need more space at home for remote working and new hobbies. Businesses are thinking of office space needs or stocking up on goods to guard against supply chain disruptions.
Demand did drop during Singapore's circuit breaker last year. Things picked up soon after the country exited the lock down. Since then, enquiries from individuals have risen by 30 per cent, and by 20 per cent from businesses one-third of these individuals and half of these businesses take up storage spaces, Ms Ng said.
Lock Store, which has 12 facilities across Singapore, has expanded its capacity at three popular locations.
StorHub Self Storage, which was the first such operator in 2003, said its sales have increased more than 35 per cent since the start of 2020, along with a 110 per cent jump in enquiries. This year, it opened two new locations, taking its number of facilities to 13 in Singapore.
The COVID 19 rules have changed the rules of the game, according to the Singapore CEO Luigi La Tona. Take-up rates of individuals and businesses have increased by 10 per cent and 50 per cent, when compared to pre-pandemic days, according to Work Store, which launched its 10th storage facility here in August.
Over the last year, enquiries and take-up rates increased by about 30 to 40 per cent, with demand from businesses slightly higher. The overall occupancy rate for its 11 locations now stands at 93 per cent, up from 87 per cent in 2019 before COVID-19 hit.
The reasons for needing storage have changed slightly, according to chief executive Kenneth Worsdale, although the reasons for the pandemic have not affected our business as storage is essential for many, be it for personal use or business use.