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Alternative accommodation models
Co-living apartment models are gaining popularity across Asia Pacific . These budget-friendly accommodation types offer guests a shared living option with communal facilities and provide the digital nomad with a sense of community and culture during their stay .
Smaller , independently-owned boutique hotels are also gaining momentum through their unique offering of trendy designs and a more intimate atmosphere .
Business travel across India
Local serviced accommodation providers across India , including Synergy , have seen record-breaking growth as domestic and international business travel resumes . With the industry maturing , corporates should expect to see the gap between luxury and budget accommodation standards narrow as investment into middle of the range options grows .
Sustainability
The serviced accommodation industry in Asia Pacific is slowly but surely progressing as it relates to sustainable options . Key players are implementing sustainable
measures including water conservation , the reduction of wastage , adoption of recycled materials and the reduction of the use of single-use plastic . Despite this progress , low carbon options across Asia Pacific remain few and far between as inadequate environmental regulations and fragmented industry best-practices remain a barrier to real , tangible progress . With that said , sustainability remains a hot topic and we should expect to see the number of sustainable solutions grow .
Looking ahead , we should expect our industry to continue flourishing . A recent study2 from GBTA predicted an upturn in global business travel spend through 2027 , with China , Japan , South Korea , and India taking the lead in 2023 . Moreover , a study by Mercer Mobility Exchange indicated that organisations expect to see an increase in long-term assignments for the remainder of 2023 and into 2024 . With such a promising outlook on the horizon , it ' s reasonable to expect investment into Asia Pacific ’ s serviced accommodation landscape as providers and disruptors implement creative solutions to meet the ever-changing requirements of travellers and corporates .
“ As the global price index continues to rise , budgets will be squeezed , and rental costs will likely increase - we anticipate such forces will create the perfect storm in the building of “ budget brands ” as key players adapt to remain competitive ."
Photo credit : Quest North Sydney .
2 gbta . org / wp-content / uploads / GBTA-BTI-2023 _ Executive-Summary-FINAL . pdf