Worldwide: The Q4 market update report from serviced apartment agent SilverDoor reveals that global enquiries for serviced apartment transient stays have steadily grown.
Stays for less than seven nights have increased by 64 per cent year-on-year worldwide for 2023-24. Enquiries for stays less than a month also increased by 17 per cent for the same period.
The uptick in demand is due to corporate managers looking for cost-efficiencies, coupled with the growth in the global serviced apartment supply chain.
The SilverDoor report also highlights a shift amongst corporate clients to combine corporate travel and global mobility. Aggregating the two functions provides greater buying power and improves cost efficiencies across travel programmes.
Additional insights from the report includes:
• Growth in the UK professional services sector and B2B spending is expected to drive growth in serviced apartments next year
• Rates are anticipated to remain high in the Middle East until March next year, in line with seasonal demands and events
• The predicted deregulation from the incoming Trump administration could spur new development and lead to competitive ADRs
• Electronic manufacturing, power and infrastructure sectors are driving growth in India
• Vietnam has been identified as an emerging market in APAC due to the country reporting a record year in 2024
Katie Garrahy, vice president business development at SilverDoor, said: “As we come to the end of a year that has seen significant shifts in global political and economic landscapes, corporates are focused on planning programmes and policies with as much surety as possible against the backdrop of ongoing change. Aggregating corporate travel and global mobility programmes is proving to be a powerful and efficient way to unify both these aspects of travel and flex a combined buying muscle to not only manage travel programmes within one organisation more efficiently, but specifically manage travel spend more efficiently.”
The full Market Update – December 2024 report can be read here.
