The Self-Storage Boom: A New Trend in Business
Walking through the endless corridors of Apple Storage in downtown Toronto, it’s clear to see why the self-storage business is booming. From housing candles ready for shipment to e-bike repair shops, the facility is a hub of activity for businesses looking for affordable storage solutions.
David Allan, one of the owners, reveals that 70% of the facility is rented by businesses. In a world where office rents are skyrocketing, self-storage offers a cost-effective alternative, allowing companies to utilize their office space more efficiently.
This trend is not unique to Toronto. Around the world, storage companies are repurposing vacant commercial spaces left behind by the pandemic. In Canada alone, 16 new facilities opened last year, adding one million square feet of space. Rents are on the rise, reflecting the growing demand for storage solutions.
In the UK, the self-storage industry surpassed a billion pounds in revenue last year, signaling its rapid growth. In Asia, the side-hustle culture is driving the demand for storage units, with many using them to store stock for e-commerce businesses.
Entrepreneurs like Dean Booty are capitalizing on this trend, with his self-storage podcast attracting thousands of listeners each month. After a failed restaurant business, Mr. Booty found success in the self-storage industry and now owns multiple facilities across the UK.
While the industry is thriving, not everyone is enthusiastic. Critics argue that the demand for storage space is a symptom of the housing crisis, with people forced to store their belongings outside of their homes due to limited living space.
Despite the debate, the self-storage industry shows no signs of slowing down. As urbanization continues to reshape our cities, the need for affordable storage solutions will only grow. Whether it’s for businesses looking to optimize their space or individuals seeking extra room, self-storage has become a vital part of modern life.
