23
Fig . 7 – Top 5 destinations
City 2023 most booked by corporates
London |
16.49 % |
Dublin |
6.19 % |
Paris |
5.15 % |
Dubai |
5.15 % |
New York |
5.15 % |
Amsterdam |
4.12 % |
Singapore |
4.12 % |
Berlin |
3.09 % |
Miami |
2.06 % |
Munich |
2.06 % |
Impact on rates
Three of Graebel ’ s top European locations are London , Dublin , and Amsterdam , but changes in demand are actually driving rates down in these locations , as Beverly King explains .
“ We are still seeing inventory challenges . We know more business travellers are using serviced apartments , which is putting extra stress on the market , but we are starting to see some rates come down , even in traditionally more costly places .
“ In these locations you would think prices would be going up , but people are moving out of London so there ’ s more availability . The same applies in Singapore . There ’ s also more competition , particularly in Sydney , Perth , and Melbourne . The market in China continues to be slow , whilst in the U . S . lead times are going back to pre-pandemic levels , which helps with supply .”
The major cities and business hubs continue to be the key destinations for business travellers and assignees using serviced apartments .
Meanwhile , hotel chains are introducing new extended stay brands whilst expanding the reach of existing ones as they seek to capitalise on the macro trends of longer stays , community-focused activities , and sustainability .