Transforming the U.K. Self-Storage Industry with Data Science and GIS
Building innovative tools that help companies select suitable locations for opening new facilities.
12/1/20241 min read
We have developed Intellistorage, a tool that leverages data science and Geographic Information Systems (GIS) to assist self-storage companies in making informed decisions about new locations. This tool provides comprehensive insights into demographics, market demand and supply, competition, and available properties, enabling businesses to strategically plan their expansion.
The Use Case
Selecting an optimal location is crucial for the success of self-storage facilities. Traditional methods often rely on limited data and intuition, leading to suboptimal site selection. Our tool addresses this challenge by offering a data-driven approach, allowing companies to visualize and analyze multiple factors on an interactive map. This facilitates precise site selection, reduces risks, and enhances operational efficiency.
The Industry Landscape
United Kingdom
The self-storage industry in the U.K. has experienced significant growth, with an 8.1% increase in storage space over the past year, totaling 60 million square feet in 2023. The average rental return stands at £26.23 per square foot, reflecting a 1% rise. However, occupancy rates have slightly declined by 2.5 percentage points to 77.5%.
Global Perspective
Globally, the self-storage market is valued at approximately USD 56.81 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2030.
This expansion is driven by urbanization, smaller living spaces, and the increasing need for storage solutions among individuals and businesses.
The Solution
Our tool integrates various data layers into a user-friendly map interface, providing:
Demographic Analysis: Understand the population characteristics of potential areas to tailor services effectively.
Demand and Supply Metrics: Assess market saturation and identify underserved regions.
Competitive Landscape: Locate existing competitors to strategize market entry or expansion.