Cell for society – Newspaper Kommersant No. 41 (7486) dated 03/11/2023
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The growth rate of the self storage segment is slowing down after a boom dictated by business rotation due to the pandemic and the departure of Russians abroad. This year is expected to open 10-15 thousand square meters. m of new projects, which is two to three times less than a year earlier. Experts expect that such warehouses will move from industrial areas to residential areas, which will lead to an increase in the cost of rent, which has already risen in price by 23% over the past year.
The volume of self storage supply in Moscow this year may grow by 4.4-6.7%, up to 235-240 thousand sq. m. m year-on-year, predict the NF Group and the Association of Individual Storage Companies (AKIKH). According to AKIH estimates, 10,000-15,000 sq. m. are expected to be opened this year. m of new projects. The growth rate of the segment compared to the previous year will slow down. In 2022, according to ACIS, the volume of self storage supply in Moscow increased by 14.8%, to 225.42 thousand square meters. m.
Self storage objects are usually located within the city limits and are focused on storing things of individuals and legal entities in individual cells. Services are paid monthly. Over the past few years, the segment has experienced a boom due to the rotation of small businesses in connection with the pandemic, the departure of some Russians from the country, and the trend for purchases for future use. The share of individual tenants in self storage in 2022 reached a record 87.8% against 78.9% a year earlier. The occupancy of such warehouses decreased over the year from 91.22% to 88.9%.
Associated with the pandemic, the departure of Russians abroad and the mobilization of growth points for the self storage segment have already been worked out, says Mikhail Burmistrov, CEO of Infoline-Analytics. The expert has no doubt that the market will continue its development, but at a more restrained pace. “The trend continues to optimize space, including office space, and temporarily unclaimed things and documents need to be stored somewhere,” he says. NF Group partner Konstantin Fomichenko adds that self storage is of interest to investors due to the low investment threshold compared to classic warehouse real estate. Dmitry Mayer, CEO of Homesklad, notes that his company intends to continue opening new sites and has no problems attracting bank financing.
The very format of self storage projects is being transformed. NF Group draws attention to the decrease in the average area of individual storage warehouses, which decreased by 6.6% over the year, to 878 sq. m. m, which is less than the level of 2019 by 58%. Analysts attribute this to the opening of small sites in locations with good transport accessibility for the population. According to NF Group, these are objects with an area of 100-300 sq. m, located not in separate buildings, but in the basements of residential buildings, as part of parking lots, in utility blocks, etc. Dmitry Mayer points out that operators are now selecting areas in areas of existing infrastructure due to the active position of the authorities regarding the redevelopment of industrial zones, trying to avoid demolition of their facilities.
DNA Realty CEO Anton Belykh says that there is a shortage of premises in industrial zones due to the active development of ordinary urban warehouses, e-commerce distribution centers, etc. According to him, self storage operators have the opportunity to develop in residential areas through the construction of new complexes with commercial premises with high ceilings. But, the expert notes, rates in residential areas near the Moscow Ring Road are in the range of 1.5–3 thousand rubles, which is higher than the usual cost of renting in self storage.
According to Konstantin Fomichenko, the average cost of renting self storage premises in 2022 increased by 23%, to 2.1 thousand rubles. for 1 sq. m per month. Rent of street containers has risen in price by 13%, up to 1.1 thousand rubles. for 1 sq. m per month. Mikhail Burmistrov is confident that prices will continue to rise, as operators will include the increased cost of renting space in the rate.
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