THE GROWTH AND EVOLUTION OF THE
GSAIR 2024 : APAC 12
THE GROWTH AND EVOLUTION OF THE
SERVICED APARTMENT INDUSTRY IN AUSTRALIA
By DUNCAN ADAMS Managing Director , Astra Apartments
Since 2001 , Astra Apartments has specialised in accommodating corporate travellers in Australia & New Zealand . With privacy , space and convenience intertwined , professionals can live life seamlessly , even when away . Here , Managing Director Duncan Adams provides insight into the current market , and shares his recipe for standing out in a competitive industry .
Australia ' s serviced apartment industry is undergoing a period of significant transformation and growth . In the post-COVID landscape , this sector has seen a resurgence , driven by various factors , including the increasing demand for flexible and spacious accommodation options , the rise of remote work and extended business travel , and the growing preference for more environmentally sustainable accommodation options that offer home-like amenities for longer stays .
Companies are seeking out this style of accommodation for both their domestic travellers as well as skilled workers coming in from overseas , and serviced apartments are playing a key role in accommodating this workforce .
Demand drivers
Among the industries driving the growth of the serviced apartment sector in Australia , construction , logistics and infrastructure stand out as the largest contributors . With infrastructure projects and warehouse automation booming across the country , there is a strong demand for short-term housing for project-based workers , particularly those moving from other states or abroad .
Serviced apartments are ideal for these sectors , where employees often need longer-term accommodation for project durations , sometimes lasting several months or even years . These industries understand the value of additional living space , self-catering options and secure parking that serviced apartments provide .
" Companies that can establish strong relationships with local governments and strata bodies and adapt to the specific regulations in each state are well-positioned to thrive in this fragmented market ."
Credit : Dao by Dorsett