UK: The Apartment Service has published its fifth Global Serviced Apartment Industry Report, revealing a 14 per cent annual growth in supply chain globally.
Compiled by Travel Intelligence Network (TIN) the report includes more than 30 interviews and the findings of surveys conducted amongst 2,500 serviced apartment operators, associations, buyers and agents.
The report highlights that the serviced apartment industry “has reached a level of maturity that is showing future growth of supply through a multiple of factors, including sustained investment in delivering new products, continued opportunities in educating buyers and driving awareness of the sector through summits, conferences and thought leadership”.
The report estimates the size of the global market at 748,437 serviced apartments worldwide – an 80.1 per cent increase in seven years. Charlie McCrow, CEO of The Apartment Service believes “the market doubled over the past 12 years” and forecasts it will double in size again in the next four years.
Nearly 70 per cent of operators polled said they will increase the number of apartments in existing locations over the next two years, predominately in Europe and Asia.
The report also highlights a number of challenges for the sector. Jo Layton, MD group commercial sales at The Apartment Service, said: “Although the challenges our industry faces are not new, the emphasis is definitely changing. Over the last 18 months since the fourth edition 2013 -2014 GSAIR report – the serviced apartment industry has continued to grow exponentially. The industry is enjoying sharing ideas, information and resources through many vehicles, and continues to drive conversation, debate and opinion that has moved the industry forward with subjects from quality to service; from security to local legislation and from sales to distribution – all the time keeping the stakeholders connected through active conversation. I am excited to be part of The Apartment Service team distributing this current edition, it is definitely the most comprehensive, globally focused and accessible report so far.”
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