SINGAPORE: Self-storage providers are seeing a boom in demand due to the COVID 19 epidemic, with some already expanding their operations in Singapore.
Five providers told CNA that there had been an increase in the number of take-up rates for the spaces that people and businesses rent to store personal items or inventory.
More people are realising they need more space at home for remote working and new hobbies, providers said. Businesses are thinking office space needs and stocking up on goods to protect 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 gone up by 30 per cent and by 20 per cent from businesses one-third of these individuals and half of these businesses took up storage spaces, Ms Ng said.
The Lock Store, which has 12 facilities in Singapore, has expanded its capacity at three popular locations.
StorHub Self Storage, the first such operator back 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, bringing its number of facilities to 13 in Singapore.
The Singapore CEO Luigi La Tona said that COVID 19 has changed the rules of the game. When it opened its 10th storage facility in August, take-up rates by individuals and businesses increased by 10 per cent and 50 per cent, respectively, when compared to pre-pandemic days.
The total occupancy rate for the 11 locations at Extra Space Asia increased by 30 to 40 per cent since early last year, up from 87 per cent in 2019 before COVID 19 hit.
The reasons for needing storage have changed slightly, and the reasons for needing storage have not been affected by the pandemic, according to chief executive Kenneth Worsdale.