In recent years, following the pandemic, the self-storage sector has experienced substantial growth and gained significant traction in the Spanish market, solidifying its position as an alternative investment in real estate. This surge in demand can be attributed to new social, economic, and demographic conditions, such as escalating rental costs due to inflation and the increased need for multiple residential storage spaces in major urban centers.

Despite self-storage being a well-established market in countries like the USA and England, it is currently in full expansion in Spain, presenting lucrative opportunities. The primary focus of these centers is within major cities like Madrid and Barcelona, where over 50% of the dedicated investment surface area is situated. Operators have strategically chosen locations on the outskirts of these cities, close to major communication routes, as such areas offer more space for assets and more affordable prices compared to central city locations.

This burgeoning self-storage sector has emerged as one of the most appealing alternative assets for investment, boasting low risk and development costs. The rental rates for these assets range from €25 to €35 per square meter per month.

Over the past five years, Spain has witnessed a remarkable 68% growth in the number of self-storage facilities and a 18% increase in overall surface area. Among European countries, Spain stands as the third largest market in terms of the number of self-storage centers.

Within the market, we can classify self-storage facilities into three types:

First Generation: These centers were established approximately 20 years ago during the sector’s initial growth phase. However, the quality of these centers tends to be relatively lower.

Second Generation: These centers are located in industrial areas and have been converted into self-storage facilities.

Third Generation: Specialized centers purposefully built for self-storage, boasting high-quality facilities and stringent security measures. (maybe copy paste of info? Please revise)

Additionally, there is a growing Fourth Generation of self-storage centers, similar in terms of quality and security to the Third Generation, but distinguishable by their larger size.

Looking ahead, the investment prospects for this type of alternative asset in Spain are exceedingly positive. The relative scarcity of self-storage centers in smaller cities and the potential for reconversion make this asset class particularly attractive. As a result, the number of self-storage facilities in Spain is projected to increase significantly over the next 12 months.

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