Global Serviced Apartment Industry Report 2023 | Page 23

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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 .