The self storage industry in the United States is huge; we are talking over 50,000 facilities across the nation with more being built all the time. People in the United States definitely appreciate the service that is provided and want more of it. Other countries have been slower to catch on, but there are some where the industry is starting to thrive.
Recent years have seen significant growth in the South African self storage industry. XtraSpace Self Storage opened its first facility back in 2007. Fast forward six years and they now have 17 in their portfolio. The company recently opened a second one in Durban where there once was a Toys R Us in Durban North.
“XtraSpace Self Storage Berea has been a great success, giving us confidence for the next one,” Colleen Hunter, Chief Operating Officer at XtraSpace Self Storage said.
This facility opens just a few months after the company opened its first multi-purpose facility in Bellville, Western Cape. Along with 300 self storage units the facility also has a business center and flexi-office facility for small and medium size business clients to use.
XtraSpace Self Storage is not the only self storage company in South Africa that has been expanding. Stor-Age has been busy and recently acquired a new self storage facility in Port Elizabeth, a facility previously known as Rent-A-Store.
“High quality self storage assets which display the correct fundamentals such as this one acquired from Rent-A-Store are in scarce supply across the South African market. This property was very well developed and managed over the last few years. In line with our strategy of having a national presence in all six South African cities, when this opportunity arose we moved swiftly to take advantage of it,” said Stor-Age CEO Gavin Lucas.
With the industry being relatively young with lots of room for growth it is not common to find existing facilities for sale. That is why Stor-Age is building a new facility in Brooklyn, Pretoria.
“We are delighted with the expansion of the Stor-Age brand and product in the Pretoria market. The strong trading performance of our existing portfolio has allowed us to aggressively roll out our high quality brand of self storage in high profile locations such as this, ones which display robust property fundamentals and ultimately which will add significant value to the Stor-Age brand and property portfolio.”
“XtraSpace Self Storage launches new facility in Durban North.” WebWire; 27 August 2013.
“Stor-Age Announces the Acquisition of leading Port Elizabeth Self Storage Property.” Stor-Age; 26 August 2013.
“Stor-Age Announces Development in Brooklyn Pretoria.” Stor-Age; 06 August 2013.
“XtraSpace Self-Storage Opens New Facility in Bellville, Cape Town.” WebWire; 11 June 2013.