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Serviced Apartments : Can the Sector’s Global Growth Be Sustained?

Serviced Apartments : Can the Sector’s Global Growth Be Sustained?

17th September, 2024

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The serviced apartment sector is on track for significant growth, driven by the rise of hybrid working, demand for home-like accommodations, and longer stays. As work-life balance becomes increasingly important, travellers are opting for accommodations that offer the comforts of home, such as kitchens and workspaces, alongside traditional hotel amenities like gyms and restaurants.

According to Carrie Hartman, president of 3Sixty, this shift is particularly evident in the United States, where demand for extended-stay options is increasing due to the growing trend of \"bleisure\" travel, which blends business with leisure. The U.S. market, once slower to embrace the concept, is now experiencing rapid growth, especially in cities like Austin, Miami, and Denver.

The trend is also strong in Asia, where countries like India are seeing rising demand for long-term stays, as more companies move operations to the region. This shift is fueled by India\'s robust talent pool and its growing role as a key business hub.

While the future looks promising, challenges remain. High demand, limited supply, and the need for safety and quality standards are driving up costs, especially in prime locations. However, with the help of technology and AI, operators are finding ways to offer flexible, high-quality accommodations that meet evolving customer needs.

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