Storage Solutions & Coworking Space For Startups
The concept of flexible self-storage services is not new to Malaysia. In fact, we have already written about Flexi Storage and Storage Bloc over the past 5 years, with many more players in the market.
However, Mrithula Shiva (Mri), the general manager of Cube Self Storage (Cube), told Vulcan Post that this supply meets the growing demand as noted above. “According to the Self-Storage Association Asia’s 2020 annual survey, industry players in Asia registered an average of 80% average occupancy, up from 70% the previous year,” she said. .
Cube itself joined our self-storage industry quite recently after expanding from UK to Malaysia in 2018, but what is driving this demand for self-storage?
One size does not fit all
Mri explained that this growth in the consumer segment is due to high real estate prices and the changing urban lifestyle in recent times. “Not everyone can afford to buy a new home as their family grows, so storage space is a good alternative, especially for condo dwellers,” he explains. -it.
Another growing market is expats and frequent travelers as they want space to store their luggage, winter clothes, extra furniture, etc. [pre-pandemic] who put away all their furniture and decided to live nomadically, traveling from one island to another, working from their laptop, ”recalls Mri.
And as the majority of people worked from home during the pandemic, the comfort of the workspace has become a top priority. Since Cube’s storage options are available on a monthly basis, many of their customers opted to move items they didn’t really need into storage as a temporary solution.
I mean, how many of us have tried KonMari-ing our homes or offices in the past year? There are some obvious items that belong to the rubbish pile, but it’s harder to part with sentimental items like old books and letters that still spark joy despite the lack of shelf space.
The concept of self-storage is similar to renting a room, but instead you’ll choose a locker or warehouse that meets your storage needs. If you’re not sure how much square footage you would need, Cube’s Storage Calculator lets you drag and drop items you want to store, like an entire sofa or computer desk, while thinking about your square.
You can also start by renting a smaller storage space and then adjust as you see fit. ENYA founder Elaine Hong did this with her online sanitary napkin business, where she had increased and reduced her storage space based on her stock levels. Thus, she cut costs and only used the space she needed.
This is another example of how storage facilities like Cube are also benefiting the B2B segment, especially for e-commerce sellers. This saves startups from high rental costs, which can help them scale their profitability faster.
Indeed, companies will not have to rent an entire office space during a period when most of us are forced to use the WFH. And they’re taking their services one step further by pairing their storage units with coworking space to cater for our ever-growing e-commerce industry.
Combine storage and coworking
Let’s face it, since the start of the pandemic, most of us have left our offices dormant, but are still paying the monthly rent. Now home to dust bunnies, outdated pantry snacks, and barely functioning air conditioners, you also can’t get rid of this space, as you still need it to store equipment, and few of them. we have extra space at home for them.
Recognizing these weak points of SMEs, Cube launches the Co-Working Cube space which allows small teams to work flexibly and store their documents, furniture or goods in their storage units.
“We believe there is an unmet need for coworking, especially for e-commerce startups. In a typical scenario, they would need storage solutions for their goods and a separate coworking space for their team, ”said Mri. She further added that Cube Co-Working will be in the same facility as their storage units, but in separate spaces.
With coworking space already crowded in Malaysia, Cube chooses for now to target e-commerce companies because they are already equipped with logistics resources. Namely, loading docks, elevators and free covered parking in their facility.
These are the remarkable Cube factors that Mri says are not yet offered by typical coworking spaces locally. Cube Co-Working currently offers 3 packages for its gradual launch (45% reduction for early risers):
- RM39 for Cube Nomad (day pass for 1 person) with a 10% reduction on storage units
- RM159 / pax / month for Cube Desk (fixed offices for 1-3 people) with a 20% reduction on storage units
- RM249 / pax / month for Cube Suite (dedicated room for 4-10 pax) with a 30% reduction on storage units
If Cube Co-Working takes off, Mri expects the space to be fully occupied within a few months. “We have no revenue targets to share at this time as we want to focus on perfecting the Cube Co-Working product and meeting the needs of our customers,” said Mri.
- You can read more about Cube Self Storage here.
- You can read more about other Malaysian startups here.
Featured Image Credit: Cube Self Storage
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