The Self Storage Association Asia – JLL Annual Survey Report 2024 highlights household demand as the primary driver of growth in Malaysia’s self-storage sector.

With a consistent household-to-business usage ratio of 70%:30%, the findings emphasize the sector’s reliance on residential customers. This contrasts with trends in Singapore, where business demand for self-storage services has risen by 14%, reflecting changing market dynamics.

In Malaysia, customers continue to favour larger unit sizes of 41 square feet and above, demonstrating a preference for greater storage capacity. Despite this demand, profitability expectations have moderated.

Only 17% of respondents expect profitability growth of 5 to 10% over the next three to five years, compared to 33% in 2024. Similarly, anticipated rental growth of 5 to 10% over the same period has declined to 33%, down from 50% in 2024.

The survey underscores the vital role of household demand in shaping Malaysia’s self-storage landscape, positioning it as a cornerstone of the industry’s resilience and future growth.

Helen Ng, Chair of Self Storage Association Asia commented, “The resilience of Malaysia’s self-storage sector is a testament to the adaptability of operators and the unwavering demand from households. As urban living continues to evolve, self-storage solutions provide the flexibility and convenience modern families need. By understanding and addressing these customer preferences, the industry is well-positioned to navigate changing economic conditions and continue its upward trajectory.”

-THE MALAYSIA VOICE