- The Scandinavia Self-Storage Market is still an immature industry, despite the accelerated adoption of the self-storage market. This is principally due to the sluggish growth in the Scandinavia region. Despite, Scandinavian countries are ranking high in terms of consumption per capita, as net household disposable income, according to Trading Economics, in Norway, Sweden, and Denmark grew with 2.07%, 2.37%, and 2.98% respectively by 2020.

- Nevertheless, the self-storage market has expanded significantly in the past few years, due to many growth factors. As per a survey by the Federation of European Self-Storage Association in 2019, there are roughly 4,290 facilities across Europe, rendering over 9.9 million square meters of self-storage space. The three Nordic countries, Denmark, Norway, and Sweden, are among the top seven self-storage markets, which were early adopters of self-storage.

- The industry is now proliferating in Norway, with new facilities popping up all over the country, with its first self-storage operator, Self Storage Group ASA. According to Inside Self-Storage Inc., in terms of development, there are some sizable sites with 300-400 units, but the huge majority contain 20 to 50 units.

- The leaning is for small, independent operators to emerge with 1 facility or perhaps 10 to 20 shipping containers or mobile-storage units. Though Norway is still a less developed self-storage market, the prospect looks bright, as customer awareness grows alongside the development of small apartments all over the country.

- The Scandinavia region is experiencing some substantial investments in terms of mergers and acquisitions. For instance, Shurgard, the largest developer, owner, and operator of self-storage centers in Europe, in June 2018, entered into a final agreement to acquire five self-storage facilities in Sweden from Pelican Self Storage. This transaction will see Shurgard expand its Swedish portfolio from 31 to 36 stores, reinforcing its position as the market leader in Sweden.

- Moreover, Self Storage Group ASA in July 2020 has accepted with Lagerbygg AS to acquire two properties in Norway, Skrubbemoen in Kongsberg, and Hensmoveien 8 in Honefoss. The transaction has a consolidated property value of NOK 10,75 million, with an approximated lettable area of 1100 square meters. The facilities will be conducted under the OK Minilager brand.

- Furthermore, with the arrival of technology, the self-storage industry is also anticipated to be positively influenced. For instance, self-storage software presents features, such as specialized payment options, facility maps, online access for customers, and gate access integration. The cloud-based self-storage software, which has a centralized database hosted
online, is gaining popularity among the enterprises because of its numerous advantages.

- Owing to Covid-19, companies like Self Storage Group operates 112 sites across Scandinavia and has implemented several safety routines, such as travel restrictions for all employees, remote offices, and many facility disinfection. A management task force is continuously monitoring the latest development and is implementing mitigating measures on a day-to-day basis.

Key Market Trends

Personal Storage Segment to Drive the Market

- In the present scenario in the Scandinavia region, house owners and customers are going engagingly when it comes to their tangible properties. Inclinations in the housing market support downsizing to compact and small living spaces like condos, which prompt house owners to determine whether they’re running or abandoning larger items.

- In the Scandinavia region, in many advanced countries like Norway, Sweden, and Denmark, among others, several building types have flourished like self-storage lockers. They’ve demonstrated to be one of the most significant income-generating sources in real estate over the past years.

- Administrators in the self-storage services business in the region have profited from constant need from Australian customers over the past five years. Customers that are relocating for work or study often use business services, as few competitive replacements exist. Users in the transition between primary areas of residence are other sources of business requirements.

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Norway Expected to Dominate the Market

- Since the Scandinavia self-storage market is still developing, Norway is still in its nascent stage compared to other countries in the region. The growth in this industry in the country is anticipated to be assertive, during the forecast period, due to the trends of grown urbanization and developed economic outlook, which have led to further business growth.

- OK Minilager is the biggest Self Storage chain in Norway, operating more than 70 facilities across the country. The business gives a low-cost storage solution to both individuals and firms. In addition to price, the firm has a focus on security and ready access for its clients.

- However, in Feb 2020, Self Storage Group ASA has agreed with Wessel-Invest AS to acquire Ulven P28 AS (the "Target"). The Target is the proprietor of Persveien 28 Ulven, Oslo. The business has a business value of approximately NOK 47 million.

- Increasing urbanization is one of the notable factors that are driving market growth in Norway. According to the World Bank, in 2019, 82.62% of Norway's total population lived in urban areas and cities. The growing urban community means smaller and more expensive living places in towns and the creation of more renters who move around more often.

- The growing trend in the eCommerce sector, starting physical stores for pick-up and delivery, also encourages the growth of the self-storage market in Norway. For instance, according to DIBS Payment Services, the Norwegian e-commerce market's turnover was rising steadily over the period from 2012 to 2019 and touched over 163 billion Norwegian kroner in 2019.

Competitive Landscape

The Scandinavia Self-Storage Market industry is fragmented, with most facilities owned and managed by smaller autonomous operators. The market consists of many significant players, in terms of demand, few of these members currently dominate the market. These operatives are consistently producing new storage buildings across the region. Also, the organizations are making direct investments in self-storage real estate assets through joint ventures or partnerships. The growth in this industry is anticipated to be positive, during the forecast period, due to the trends of progressed urbanization and updated economic outlook, across Scandinavia, which has led to further business growth.

- Jun 2019 - Self Storage Group has entered into an agreement with First Risk Capital to acquire 100% of the shares in Eurobox Minilager AS (the management company of Eurobox in Norway) and the associated property companies Eurobox Billingstad, Cron Gruppen and Cron Invest. In addition, Self Storage Group has agreed on the purchase price of two additional properties in Oslo, located at Skøyen and Kalbakken.

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