GSAIR 2024 24
SOURCING
More buyers are booking serviced apartments through TMCs , and specialist serviced apartment agents than a year ago .
62.5 % of corporates now book apartments via a TMC compared to 31.25 % in 2023 . 37.5 % of corporate buyers use a specialist serviced apartment agent , compared to 50 % in 2023 . 12.5 % now book via a bespoke enquiry portal , compared to 0 % in 2023 . The proportion booking directly with properties remains unchanged at 12.5 %.
Amongst agents , 72.73 % of serviced apartment bookings are still made manually , direct with the property , compared to 40 % in 2023 . 54.55 % of intermediaries source serviced apartments via a specialist serviced apartment agent , compared to 66.67 % in 2023 .
Operators ’ top 3 sources of business by booking channel are OTAs (# 1 ); direct from the ( corporate ) client (# 2 ) and via a specialist serviced apartment agency (# 3 ).
45.45 % of intermediaries now regard serviced apartments as a core part of their offering , compared to 61.29 % in 2023 . 40.91 % offer serviced apartments as an ancillary service compared to 41.94 % in 2023 . 18.18 % only offer serviced apartments within an overall hotel offering , compared to 6.45 % in 2023 .
The top 3 cities in which buyers expect to see the biggest growth in the next twelve months are London (# 1 ), Tokyo (# 2 ) and Singapore (# 3 ). The top 3 cities in which buyers struggle to find supply of an acceptable standard are London (# 1 ), New York (# 2 ) and Bengaluru ( Bangalore ) in third .
Fig . 10 How corporates book serviced apartments 2024 vs . 2023