Number of Serviced Apartments worldwide passes one million

The Apartment Service (TAS Global) has published the latest edition of its Global Serviced Apartments Industry Report, compiled by the Travel Intelligence Network (TIN).

Apartment room
The latest figures from the GSAIR estimates there are now in excess of 1,022,984 serviced apartments worldwide (with a further 73,563 corporate housing units) in more than 13,164 locations. This compares to 826,759 apartments (with 70,300 corporate housing units) in 10,777 locations two years ago. These figures represent a significant increase in available inventory; 23.7 per cent growth compared to 10.5 per cent growth as published in the 6th edition.

Potential for growth in the Serviced Apartment sector

This seventh edition of the report, compiled from both primary and secondary global sources, has comment and debate from over 40 industry buyers, suppliers and consultants. It also features a series of case studies detailing how corporates have successfully adopted serviced apartments for business travel, assignment working and relocation requirements.Assessment of the results of the latest GSAIR survey of 6,000 corporates, 2,000 serviced apartment operators and over 1,800 agents show the following;
  • Over half of corporates are using serviced apartments for business travel, with 40 per cent of corporates allocating up to 20 per cent of accommodation budget to extended stay solutions
  • Serviced apartments have found their niche as a ´stand-alone´ category and are featuring less in the standardised annual hotel RFP’s
  • 37 per cent of corporate companies are now mandating the use of a specialist agency channel (similar to TAS Global), alongside an RMC or TMC for their apartment bookings. 
  • 47 per cent of corporates allow their travellers to independently select/book their own long stay accommodation
  • Corporates are continuing to leverage long-stay savings of between 17 per cent and 29 per cent versus their hotel programme spend. 
Charlie McCrow, CEO of The Apartment Service said, “The growth of supply of the global serviced apartment industry continues to increase at speed and as predicted in the last edition of GSAIR.  There is still huge potential for growth and new opportunities in many destinations.”Jo Layton, MD Group Commercial Sales added, “As the sector continues to mature and grow, the key requirements of compliance, transparency, analysis and cost effectiveness – added to ease of booking – are becoming even more apparent. Open debate and continued communication with all stakeholders is important to drive the continued development of this vibrant sector forward.”You can see the full results at www.apartmentservice.com/GSAIR.You can order a PDF or hard copy by emailing GSAIR@apartmentservice.comRelocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online DirectoryClick to get to the Relocate Global Online Directory 

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