The latest report from SilverDoor shows a rise in demand for short-term serviced apartment stays for corporate travel.
The final 2024 quarterly market report from the serviced accommodation provider shows enquiries for stays of less than seven nights have increased by 64% year on year for 2023-2024.
Enquiries for stays of less than a month also increased by 17% for the same period.
The report says this comes as corporate managers look for increased cost-efficiency within their accommodation programmes coupled with growth in the global serviced apartment supply chain.
It also highlighted a shift amongst corporate clients towards building a more combined corporate travel and global mobility programme.
Further insights indicated that in EMEA, growth in the UK professional services sector and business-to-business spending is expected to drive growth in serviced apartment and accommodation sectors in 2025.
Across the Middle East, rates are expected to stay high until March 2025 in line with the peak season and key events.
In the Americas, analysts predict that deregulation planned by the incoming Trump administration could see the development of new properties.
For APAC, India continues to be a key investment market globally with high occupancy rates and ADR following suit.
Vietnam is also emerging as a corporate travel market to watch with travel and tourism sectors reporting a record 2024.
Katie Garrahy, Vice President Business Development, SilverDoor, said: “As we come to the end of a year that has seen significant shifts in global political and economic landscapes, corporates are focused on planning programmes with as much surety as possible against the backdrop of ongoing change.
“Aggregating corporate travel and global mobility programmes is proving to be a powerful way to unify both these aspects of travel and flex a combined buying muscle to not only manage travel programmes within one organisation more efficiently, but specifically manage travel spend more efficiently.”
