14 Jul '17, 4am

#Self-storage business thriving amidst #HongKong’s tiny flats @cbreIndustrial https://t.co/5Xj9IkGSLd

View of apartment blocks in Hong Kong. The business of self-storage will continue to flourish in Hong Kong as its 7.4 million residents mostly live in very small apartments, reported Bloomberg . According to a report from CBRE, the average household space in the city is merely 167 sq ft per person. In comparison, that in Singapore, the UK, Australia and the US amount to 247 sq ft, 402 sq ft, 853 sq ft and 980 sq ft respectively. Colliers International also estimated that 76 percent of the total number of private homes (852,000 units) in Hong Kong don’t have a dedicated storage space. This means there’s often a need to keep non-essential belongings elsewhere, leading to a strong demand for self-storage. “It’s not a glamorous business necessarily, but a good business,” said Chris Heady, Blackstone’s Chairman of Asia Pacific and Head of Asia real estate last month. However, t...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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