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Follow on Google News | Serviced Apartments in London Carving Their Niche in MarketCorporate all across the UK and from other countries are constantly looking for economical yet classy accommodation options for their business travels which are not for too long a duration.
Despite the increasing fondness for serviced apartments, there is major supply gap according to research undertaken by leading short-lets service provider. Making the research more evident is the fact highlighted that London has a prospective capability for 16,300 units, which means an addition of 200% more serviced apartments to the current supply in market. According to the leading Short Let Service Provider (www.short-let- Researches also show that New York and Hong Kong have 5.2 and 5.3 units per 1,000 visitors respectively while London has just 1.2 units. Interestingly, the occupancy of these short-lets has surpassed that of the hotel market over the last two years, as per analysis by the Association of Serviced Apartment Providers. In fact, the serviced apartment sector in London and the whole of UK is in its formative years and one of the smallest markets internationally, as compared to the more established markets of the US and Asia Pacific. Although the economy is not going through the best of its time, still the constant effort of boosting cost efficiency of these serviced apartments over hotels has resulted into gaining corporate confidence particularly for longer business stays. As such the preparation for forthcoming London Olympics has been going on since long. But with the UK anticipating almost 29.4 million visitors this year, with an astonishing number of 330,000 as a direct result of London hosting the event, the serviced apartment option is a very feasible substitute offering privacy, class and independence to those who otherwise conventionally stay in hotels. (http://www.short- End
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