GSAIR 2024 16
SERVICED APARTMENT VOLUMES
Corporate usage of serviced apartments is down yearon-year . 62.5 % of buyers are using serviced apartments for business travel , down by 11.18 % from 73.68 % in 2023 .
Usage for assignment or project working shows an increase on 2023 . 62.5 % of corporates are also using serviced apartments for this purpose in 2024 , compared to 57.89 % a year earlier .
Usage for relocation is also down year-on-year , with 56.25 % of corporates using apartments for this purpose , compared to 73.68 % in 2023 .
Although usage in two out of three purpose categories is down , usage for business travel is falling in fewer companies ( 9.09 %) this year than the same time a year ago ( 13.33 %).
However , the same is not true of assignments or relocation . Apartment usage for assignment work has fallen in 15.38 % of companies in 2024 , compared to 7.69 % in 2023 . Usage for relocation has fallen in 27.27 % for corporates compared to 16.67 % a year ago .
Agents report that 42.86 % of their clients are using serviced apartments more for business travel , although this is also down year-on-year from 55 % in 2023 . Usage for assignment / project working is down amongst 30 % of agents ’ clients compared to 63.64 % a year earlier , whilst usage for relocation is also down , but marginally at 40 % of agents ’ clients compared to 43.48 % in 2023 .
Operators say they have seen the highest growth in business travel and leisure bookings equally ( 24.62 %), followed by assignment / project working . Operators say their overall relocation business has shown the least growth at 16.92 %.
Fig . 1 Corporate serviced apartment usage 2024 vs . 2023