At the end of the first quarter of 2022, 43% of the leasable area was occupied, but the occupancy rate is expected to increase in near the future.
The CBRE report shows that in Romania, 43% of self-storage units are leased by individuals, and 57% of self-storage units are leased by corporate clients, which is the highest percentage in Europe. Thus, as regards self-storage spaces leasing 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 EUR126 euros per sqm per year, the second cheapest rent in Europe after Latvia (EUR96/sqm/year), while the average rent in Europe is EUR290/sqm/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”, stated Daniela Gavril, Head of Research at CBRE Romania.
The self-storage market in Europe saw a record year in 2021, as total investment volumes reached EUR650 million, 3.5-fold higher than in 2020. Moreover, in the past five years the number of facilities has increased by 70% to more than 5,400 facilities with approximately 11.5 million sqm of leasable spaces across all European countries. With almost 40% market share, the United Kingdom is market leader in terms of stock, followed by France and Spain.
Most self-storage operators have recorded an occupancy rate of over 85% in Europe, according to the European Self Storage Industry report. All countries have reported an increase in the occupancy level during the pandemic. Thus, Denmark and Czech Republic have reached an occupancy rate of 92% each, followed by Switzerland (88%) and Belgium (87%).