Serviced apartment companies report increasing demand across the globe
Wednesday, September 12, 2012
Serviced apartments have long been an option for traveling business professionals, and recent figures have shown a corporate accommodation boom in various parts of the United States and Europe.
The Association of Serviced Apartment Providers released a study earlier this year which showed that the niche sector did well in 2011. Despite European financial struggles, the sector's overall performance in the UK increased 2 percent since 2010.
The Economic Times reported recently that in Hinjewadi, India, serviced apartments have been emerging as alternative options for corporate accommodations, offering standard services for lower costs than local hotels.
"The concept of serviced apartments is immensely popular in the West, offered to professionals visiting the city for a short period, stretching to a maximum of six months," an industry professional told the source.
In the United States, serviced apartments are serving a number of purposes. From corporate housing to a temporary transitional home, serviced apartments provide a relaxed atmosphere for business professionals and families alike.
"With mortgages taking longer to process, families in transition can find a temporary place to call home, even it is for a month at a time," reported American news source NY1 News.
Business professionals choose to reside in these apartments for a variety of reasons. A home-like atmosphere, unparalleled convenience and proximity to office space are just a few reasons that professionals seek out serviced apartments.