Over the last 10 years, there has been a dramatic rise in global business travel, and professionals are realising that, even on a business trip, there is more to life than just work. Serviced apartments provide guests with the space and amenities to work, hold meetings and also relax and unwind when the day is done.
It’s easy to understand why the growth of serviced apartments is set to outstrip the growth of hotels in Europe over the next three years. Serviced apartments currently available in London have an occupancy rate of 80% at any one time.
This article explores five major reasons why serviced apartments are such ideal accommodation for travelling professionals.
Five key factors behind the growing trend in serviced apartments
1. Home from home
The major appeal of serviced apartments is that staying in them gives you the best of both worlds: The convenience, security and peace of mind provided by staying in a quality hotel and the space, privacy and home comforts that would be found in a private let.
You get the convenience and luxury of a daily housekeeping service, added security and 24-hour customer care. Some serviced apartments buildings will have a reception, which fulfils the same role as a hotel reception.
You get the soft furnishings, homewares, decor, Wi-Fi, equipped kitchen and laundry facilities you’d get from renting someone’s private apartment. The more homely atmosphere makes it so that being away for work doesn’t have to come with a feeling of transience, no more identical hotel rooms and cramped living conditions.
With a rise in demand comes a rise in supply, meaning that as the business travel industry increases so does the choice and range of accommodation available, so whatever your requirements you can browse executive serviced apartments in London and find the one that best suits your needs.
2. Space to spread out
Business travellers are increasingly wanting their family to be able to join them on trips, and the accelerated boom in internet-based ‘Working from Home’ means that professional travellers need facilities and space to work in their accommodation without being disrupted.
Serviced apartments, on average, provide 35% more space than the equivalent hotel room. There is more living space available and (depending on the serviced apartment you choose) you can have entire rooms devoted to dining or relaxing in. Gone are the days of having to eat takeaway while sitting on your bed or tripping over the suitcase you’re having to live out of. You can unpack and hang up your clothes, utilise bathroom storage and enjoy being able to close your bedroom door.
Serviced apartments usually come with an iron and ironing board, a hairdryer and power outlets for your grooming gadgets - so you can always look presentable however far you’ve travelled. Most serviced apartments will also have either washer/dryers in the apartments or complimentary laundry services and even dry cleaning on-site.
As well as the convenience of onsite laundry, serviced apartments also come with self catering facilities - an equipped kitchenette or a full kitchen - so you have the option of preparing your own meals whenever you want, being in control of your own diet and working around your own schedule, without having to be solely at the mercy of the hotel restaurant.
3. Meeting and events spaces
Holding a conference? Some executive serviced apartments will have versatile meeting rooms and event spaces available to rent. This means you can stay onsite in the same place that you’re hosting your corporate event and not have to spend your valuable time and company expenses commuting between the venue and your accommodation.
Facilities will range in size and amenities, possibly including WiFi, PA systems, photocopiers and may even have bar and catering options available. So whether it’s a small business gathering or a large reception with drinks and lunch - you’ll be able to find the perfect space for each aspect of your event.
Thanks to the economics of renting out multiple, purpose-specific properties in one space, serviced apartment providers can often afford to operate in prime, central locations - which can be a key draw for professional clients.
Locations are frequently chosen specifically for their good transport links, walking distance to key districts and easy access to areas further afield, making any additional travelling during your visit as simple and stress-free as possible.
Being situated in the heart of a city also provides the visiting professional with access to nightlife, restaurants, cafes and shops. This means it’s easy to make the most of any time off that might be available - however limited - escaping on your own or enjoying an opportunity for some team building, while exploring the city.
It’s little wonder that a report from global hotel consultancy HVS found that 23,600 apartments are set to be added in Europe by 2022, with the UK accounting for 32 per cent (around 7,500 apartments) of this - and 39% of those will be in London.
5. Value for money
Last but by no means least is value for money. Cost efficiency is, of course, a key consideration for travelling professionals.
Unlike a hotel, the nightly rate of a serviced apartment reduces as the length of the stay increases. This is due to VAT levies and means that a serviced apartment works out as cheaper than a hotel room after just two or three nights.
When travelling with a team you can still make great savings without giving up your personal space. Booking a two-bedroom apartment is considerably cheaper than booking two single hotel rooms. This combined with the facilities to cook your own meals and have a shared space for coworking means that you can get the most for your budget, without compromising on privacy.
It’s good business sense
More space, more privacy and more facilities for the same or less cost- it’s easy to understand why the demand for executive serviced apartments amongst business travellers is skyrocketing. Being able to still feel at home while you’re out ‘on the road’ is a gamechanger, providing increased wellbeing and productivity rather than the often draining feeling of staying in faceless hotels.
Planning a trip to London? Get even better value for money with the current offers at Dolphin Square, based in the heart of the capital, and see why a serviced apartment might just be the best choice for your trip.