Corporates plan to aggregate travel and global mobility programmes is a finding form the final quarterly market update for 2024 from SilverDoor. The report highlights growth in transient demand for serviced apartments globally as corporate travel and mobility programmes look set to merge in the year ahead.
At a global level, enquiries for serviced apartment transient stays have seen steady growth with those for less than seven nights increasing. By 64 per cent year on year for 2023-2024. Enquiries for stays for less than a month also increased by 17 per cent for the same period.
Released today, the final 2024 quarterly market update report from SilverDoor, the worldโs leading serviced apartment agent. Details growth in corporate demand for serviced apartment transient stays is due to corporate managers looking for greater cost-efficiency. Within their accommodation programmes coupled with growth in the global serviced apartment supply chain.
Corporates plan to aggregate corporate travel, alongside the growth in serviced apartment demand for transient stays. The report also highlights the recent shift among corporate clients towards building a more combined corporate travel and global mobility programme. Aggregating the two functions and unifying the policies, planning and critically the budgets. Both is a strategy many travel managers are adopting as a way to combine spend. Therefore buying power to command greater cost efficiency across their programme. Likewise, the report outlines growth in demand from corporates for increased capability within SilverDoorโs OBT. In order to support both long and shorter-term stays within one platform, rather than relying on multiple tools.
Additional regional insights to corporate travel and global mobility programmes include:
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 next year in line with peak season and key events taking place.
Americas
- Analysts predict deregulation planned by the incoming Trump administration could enable the development of new properties – a growth in supply which may lead to more competitive ADR trends.
APAC
- India continues to be a key investment market globally with high occupancy and ADR following suit, with the electronic manufacturing, power and infrastructure sectors driving much of the growth.
- Vietnam is also emerging as market to watch with travel and tourism sectors reporting a record year in 2024. Predictions of further growth are expected to attract greater investment and in turn strong growth in corporate travel demand in the year ahead.
Commenting on the findings Katie Garrahy, vice president business development, SilverDoor said, โAs 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. Also, policies 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 and efficient way to unify both these aspects of travel and flex. Combined buying muscle to not only manage travel programmes within one organisation more efficiently, but specifically manage travel spend more efficiently.โ
Corporates plan to aggregate corporate travel. Studied by the full SilverDoor Market Update is now available to read here.
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