KingKho Mini Storage has opened the first self-storage facility in the Hadong District of Hanoi, Vietnam. The facility comprises more than 1,000 square meters of storage space in four different unit sizes ranging from 1 to 100 square meters. The property features 24-hour access and security, according to a press release.
Co-founders Vinh Do and Lorenz Wagener believe Vietnam’s growing economy will help fuel consumer demand for self-storage.
"There are now many e-commerce companies selling products online in Vietnam. With mini-storage, they can just rent a small unit of 1 square meter and easily add [more] as needed,” said Do, who has professional real estate experience.
The entrepreneurs believe traditional consumer factors and business needs will draw tenants to the KingKho facility. "In the self-storage industry, we call the main drivers for self-storage the four Ds: dislocation, density, divorce and death. But besides these, mini-storage can also be useful for businesses where the bulk of the work takes place outside of the office,” added Wagener, who’s based in Germany. “Many mini-storage customers are online shops, painters, electricians, landscapers, sales reps, plumbers and so on."
Economic factors and increasing population density across the continent have also contributed to the growth of self-storage across Asia, according to a recent report from global real estate investment-management firm Heitman LLC. Markets that have experience high growth include Hong Kong, Seoul, Singapore and Tokyo.