Optimism for serviced apartment sector

Optimism for serviced apartment sector

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.

Gary Marshall
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Gary Marshall
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