The 2024 Global Serviced Apartment Industry Report (GSAIR) depicts a sector that is facing challenges but also presents ample opportunities.
Technology tipping point, sustainablity remains key, AI impact to be determined – in such an interesting landscape for serviced apartments, corporate usage remains stable, growth is conservative, and optimism is mixed.
Launch event
To celebrate the launch of the 11th edition, a presentation disucssing the key insights of the report, a panel discussion with industry experts and a networking lunch took place on the 27th June at Charlotte Street Hotel, London. The panel compromised of:- Chris Orme, Global Director of Sales and Business Development at edyn
- Leanne Fowler, Director of Account Management at Clarity Business Travel
- Nouran Zarroug, Founder and Director of NuLight
- Steve Lowry, CEO of The Residence
Key GSAIR 2024 findings
Stabilised corporate demand- Corporate travel has levelled off following a peak in 2022 and has declined since 2023.
- Post-pandemic reviews and a focus on sustainability ha sled to fewer but longer stays.
- Environmental, Social, and Governance (ESG) considerations are increasingly important in corporate RFPs.
- While larger brands are adapting, smaller operators risk falling behind the curve in meeting the requirements.
- The increased interest in AI has left many in the sector wondering where AI plugs in best.
- Buyers are on the hunt for technology that offers more choice, is consumer grade, efficient and offers a slick user experience.
- Outdated technology is a major frustration for buyers and guests – the square peg, round hole adage no longer washes. Sourcing needs to get slicer.
- Increase in interest rates, building rates, and rise in regulatory demandsa re impacting margins, discouraging new builds.
- The relocation market remains subdued and corporate travel demand has softened.
- The competitive advantage enjoyed by serviced apartments post-pandemic has been eroded by hotels.
- Hotel chains are reacting to fragmentation of the extended stay sector by launching their own extended stay brands.
About Ariosi Group Limited
Ariosi are a serviced apartment consultancy. We provide bespoke, independent and specialist advice to guide busines objectives and lift standards. Our services include data-driven analysis, supported by tools and reports, to assist in planning and decision-making. We specialise in curating and delivering industry-specific training courses and workshops that aim to improve capability, productivity, and performance. We collate, compile, and publish the Global Serviced Apartment Industry Report (GSAIR). Ariosi also develops, resources, and runs the multi agent aggregator platform known as OrbiRelo.Find out who won the Best serviced apartment provider category at the Think Global People and Relocate Awards Gala Dinner and Ceremony on 6 June at Two Temple Place.
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