Chairman’s Report

Ivor Morgan, Chairman SSAA

With the 2019 Convention now well and truly behind us, the planning and preparation for the 2020 Convention is in full swing. Melbourne will be host to the Self Storage Association of Australasia’s (SSAA) 2020 Convention, which will include our 30th Anniversary year celebrations. I encourage all members to get in early and take advantage of the

Melbourne will be host to early bird specials the Self Storage Association for this momentous of Australasia’s (SSAA) 2020 Convention, which will include occasion and in turn, will assist the Association in our 30th Anniversary year planning the best celebrations. event yet (see page 43). I’m sure we will all be in for a real treat with the 30th Anniversary Year celebrations. I would like to thank all members who completed the 2019 Convention feedback survey. Your feedback will assist us with fine tuning all events, guest speakers and Convention matters that are important to you for 2020. I took the time recently to have a chat with David Blackwell, Director of Urbis – Real Estate and Advisory in relation to the state of the industry. David reported that Sydney, Melbourne, Brisbane and even Adelaide has seen a lot of new development, which is around a 10% increase in supply. The big challenge is for the industry to fill this space. He believes that this extra supply, has resulted in greater discount pricing and large concessions being offered by operators in several locations. When you add this increased supply to a constrained economy, we could see a tough couple of years in revenue growth for some owners and operators.

On a positive note, David is seeing strengthening property yields, but did preface this with the fact that even though your business may be worth more based on continued yield compression, the income may be flat or even slightly backwards for the short term. If we take a realistic viewpoint, the industry fundamentals are still ok and the long-term outlook is still optimistic. There are more details on pages 28 and 29.

As we sign off on another busy and successful year, I would like to wish you and your families a Merry Christmas and a Happy New Year. l

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