Europe is the second largest market for serviced apartments in the world, coming second to the USA. Whilst the market for serviced apartments is still relatively new – around 20 years old – it has taken the world by storm and due to the sheer volume of professionals looking for a serviced apartment, it’s a force to be reckoned with.
Serviced apartments West London are most in demand along with Paris, Dublin, Geneva and Berlin.
The serviced apartment statistics
Both STR Global and the Association of Serviced Apartment Providers (ASAP) worked together to provide a summary of the success of the industry in the UK in the first financial quarter of 2014.
Serviced apartments in regional UK have increased their demand by a staggering 10.2% which is an increase year on year. Additionally room occupancy rate has also increased by 2.7% to 72.2% in comparison to the same time in 2013.
However, serviced apartments in London alone raised their occupancy rate to 77.8% in the first quarter.
Who uses serviced apartments?
There have been many researchers looking into who the main audience is of the serviced apartment industry including that of the ESA serviced apartment network over the past few years.
According to the Santa Fe Survey, 58% of serviced apartment occupants hold managerial positions within their business; with 44% being specialists and technical experts. Also, with oil and gas engineers being in demand, it is predicted that serviced apartments will also be used for the likes of them in a bid to help with relocation.
All relocation professionals will be taking the serviced apartment route due to its ease and cost efficiency. This is predicted to be the beginning of the corporate relocation market.
Just for business?
Many people forget that serviced apartments do not just have to be used for business – they can also be beneficial for weekend breaks.
Many believe they can relax a great deal more in a serviced apartment in comparison to a hotel room and often see it as a home from home. The homely feel is encouraged by the convenience of being able to cook your own meals and order takeaways rather than constantly eating out or dining in restaurant-style facilities found in hotels or other forms of holiday accommodation.
Further to this, serviced apartments are often much larger than that of a typical hotel room which is ideal if you have your family staying with you or want to create separate working and living areas.