The serviced apartment sector is continuing to grow despite lingering doubts about the global economic outlook. This is the main finding of the 2011-12 Global Serviced Apartments Industry Report, compiled by UK-based company, The Apartment Service.
In its latest report, which is a follow-up to last year’s edition published in February 2010, the company states that the number of serviced apartments has grown considerably compared to the 2010-11 report. The total number of documented serviced apartments globally has increased 34% the report states, while the corporate housing sector has risen 58%. The total number of apartment listings worldwide, compared to 2010, has grown by 36% to more than 669,700.
“The optimism for recovery of the serviced apartment sector after the global financial crisis was well founded, with operators out-performing their hotel counterparts in all key areas,” said Charles McCrow, Managing Director of The Apartment Service.
“There are certainly reasons to be cheerful, because there is a growing maturity of the sector and a steadily increasing understanding amongst corporates of the benefits apartments can offer over traditional hotels. But there is still much work to be done,” McCrow added.