In 2013, the business travel industry was worth an estimated £25 billion, according to the Global Business Travel Association. Historically, business travellers were cast into hotels in locations across London. Over the past several years, the paradigm of business travel has shifted from the traditional hotel environment to luxurious corporate housing in central London locations. With the serviced apartment industry predicted to continue growing for the foreseeable future, we at thesqua.re have been ahead of the curve, providing chic property solutions for discerning business travellers as trends change.
As the world becomes increasingly accessible due to the continued proliferation of airline travel and global capital, more and more companies require their staff to travel on a regular basis. Regardless of how important business travel is, these trips can become a costly recurrences due to airline travel and accommodation.
Given today’s economic climate, it is incumbent on companies to ensure that the cost of business trips is kept to a minimum. Serviced apartments, particularly when booked over a long period, offer a cheaper alternative to hotels. Usually, serviced apartment prices are 20% less than hotel rates over the same period. After 28 days, the VAT reduces to 4% to offer further savings.
Another cost cutting benefit of serviced apartments is the ability to find accommodation with more than one bedroom. When more than one person is travelling, the cost of serviced apartments is further reduced, providing economic benefits in addition to offering team members an opportunity to bond outside of the workplace.
Over the duration of a long stay in London, being cooped up in a hotel can be gnawing. Comparatively, a serviced apartment offers a home from home experience due to the space offered. On average, serviced apartments offer at least 30% more space than traditional hotels. Furthermore, in a serviced apartment, business travellers are afforded the ability to cook their own meals, eat their meals at a dining table and the opportunity relax on a comfortable sofa following a long day. Replete with dishwasher, over, hob, a washing machine and a fridge, serviced apartments are particularly beneficial for longer stays, providing guests with the opportunity to choose whether they wish to eat in or out.
Throughout the duration of business travellers’ stay in a serviced apartment, guests treat the corporate housing as their home. One of the reasons why guests staying in corporate housing learn to call their serviced apartment home is due to the privacy offered. Typically, serviced apartment buildings contain; fewer people than a hotel; fewer public areas and no allocated meal times. Subsequently, guests staying in corporate housing receive an authentic local experience as they are not bound by hotel schedules.
Recently, a report published by Global Serviced Apartment Industry suggested that demand for serviced apartments is far outstripping supply as an increasingly mobile workforce facilitates the driving of relocation activity. As the face of business travel continues to change over the 21st century, corporate housing is becoming an increasingly popular alternative to traditional hotels.