1、JLL Spanish Self Storage Market ReportMarch ContentsIntroduction 3Investment thesis for self storage 3Market Overview&supply trends 5Quality of supply in Spain compared to Europe 5Growth in supply in Spain 8Operating benchmark trends 12Self storage capital values 14Transactional trends 152Self Stora

2、ge Market ReportWeaknesses and threats:Asset class suits patient capital when portfolios are in development Limited number of experienced investment grade third party managers The risk of obsolescence of older buildings with stranded assets Development boom in certain markets will bring more supply

3、More dry powder in the market than can be deployed meaning investors are taking higher risks Dependency on housing market transaction activityInvestment thesis Strengths and opportunities:Inflation linked rental growth Structurally undersupplied market across Europe Defensive asset class globally as

4、 proven during the global financial crisis and the recent Covid-19 pandemic Low consumer awareness in nascent markets,which is rising and feeds demand Rapidly rising investor awareness Emerging markets are following key trends from more mature markets Fixed cost business but with clear economies of

5、scale for dominant players Fixed costs being reduced as hybrid digital operating models are being tried Data becoming more transparent to allow better decision making,both strategically and operationally Market-beating ESG characteristics for real estate investors More investable portfolios of scale

6、 are being developed Development viability is improving with softening of real estate market Debt availability is good/improving IntroductionThe Spanish Self Storage market has seen strong levels of growth in recent years,mirroring the trends seen across other European countries.This research docume