Research from The Apartment Network sees blurring between corporate travel and mobility >>
A recent survey of travel managers showed that 19% of respondents forecast an increase in requests for serviced apartments over hotels, according to The Apartment Network (TAN). That figure is expected to increase in 2024. As companies deal with increased employee mobility (relocation) and the demand for extended stay accommodations, according to TAN, there will be an impact on travel policies and strategies, bringing travel management closer to mobility when it comes to providing extended stay solutions.
Marco Isaac, CEO, said the lines between corporate travel and mobility are blurring when it comes to extended stay accommodations, and it is vital for travel managers to adapt for this trend. It’s important to consider, said Isaac, that the processes and timings involved in booking extended stay are different from booking short-term stays. “There are more touchpoints, more human intervention, it takes longer ¾ and despite advances in technology, human involvement in extended stay booking is unlikely to change.”
TAN held an education session called “Extended Stay Accommodations: Navigating This Crowded Space for Success” at last month’s convention of the Global Business Travel Association (GBTA). According to TAN, the audience “resonated” with the view that extended stays and alternative accommodations are now seen as a versatile solution for business travel, project teams, crew members and remote workers.
Both travel management companies (TMCs) and Relocation Management Companies (RMCs), according to TAN, predict longer stays in project and assignment work, business travel and relocation. Being able to track duty of care coverage, sustainability and DEI (diversity, equity and inclusion) with extended stay accommodations has further elevated the popularity of these types of bookings, according to TAN.
Increased interest and activity, according to TAN, has led to a crowded marketplace, with many new providers of extended stay solutions creating uncertainty in decision-making. With 47% of corporations now using specialist extended stay booking agents to book accommodations, choosing who to work with is an important procurement decision.
TAN says it has 55,000 apartments in more than 500 locations in over 50 countries.