A $1.4 trillion industry
According to the Global Business Travel Association (GBTA), business travel is a $1.4 trillion industry. With business travel now becoming everyday life for most of us, the need for serviced apartments and corporate housing is on the rise, with fewer businesses turning to hotels to fulfil their accommodation needs. Corporate housing and serviced apartment providers offer the business traveller a home from home experience with luxury surroundings and additional services.
Luxury for productivity
Businesses realise that to gain the most productivity from travelling employees they need to ensure employee comfort (spending transient weeks in hotel rooms can be draining) … Most corporate housing and serviced apartment providers offer accommodation at a minimum of 4 stars (as this is the most common rating preference for business travellers); therefore it seems that in most cases cost is not the only deciding factor for accommodation – comfort is also a major influence.
My Top 5
Earlier this year, ECA International published data which lists the most expensive locations around the world for business travellers. I thought it would be interesting to explore this further by researching the most expensive serviced apartments available within these locations. The prices listed below are based on a 1-bedroom apartment, with a 28-day occupation period. I wonder if you can guess which locations ended up with the priciest results? Please see my Top 5 below:
5. Bridgetown, Barbados
Resort hotels with serviced apartment suites are recognised as the most suitable accommodation to meet the requirements of a business traveller in Bridgetown, however because these are also aimed towards tourists’ prices are inflated, making it more expensive.
Most expensive serviced apartment: £4,101
This is resort-based accommodation specifically for business travellers, providing ‘business king’ rooms. Other facilities include; a meeting centre, restaurant, bar, fitness centre and an onsite mini-market.
4. Zurich, Switzerland
According to Expatistan, the cost of food and housing in Zurich combined is around 19% less than pricey than Geneva. However the swiss franc is very strong and therefore has contributed to the daily costs overall meaning Zurich features within my Top 5.
Most expensive serviced apartment: £7,149
All apartments with this provider have access to a rooftop terrace, with some also boasting private balconies with delightful views of the city. This is a popular location with business travellers rating this 8.8 out of 10.
3. Luanda, Angola
Oil rich Luanda comes in 3rd place; years of civil war have meant that security is an essential consideration for any business traveller, this combined with costly import fees on many goods adds to the daily expenses required for a successful business trip.
Most expensive serviced apartment: £7,238
This particular accommodation option offers exquisite surroundings with a garden and sea views overlooking the Atlantic Ocean. Perfect for the business traveller to unwind after a hard day’s work and enjoy a premier dining experience.
2. Geneva, Switzerland
It may not come as a surprise that Geneva, Switzerland is ranked number 2 amongst my top 5, as this has always been an expensive location for business travel with its global reputation for high cost of living.
Most expensive serviced apartment: £10,329
Located in the heart of the business district, this accommodation provider offers a perfect location for business travellers. Rooms include a wine cabinet and all the latest accommodation technology (inclusive of a TV screen in the bathroom mirror)!
1. New York, USA
Coming in first for the 2nd year in a row, New York has again proved itself to be the most expensive location in the world for travel with the average business trip costing on average £657 per day.
There are many factors which contribute to New York’s place on the list, including high demand for accommodation, transportation costs and local tipping at 15%-20%.
Most expensive serviced apartment available: £13,274
Based on Wall Street, the high price is not only due to this accommodation being located in the Financial District but also due to the vast amenities that are available to guests including; an onsite restaurant, in-house cinema and rooftop lounge overlooking the busy skyline of Manhattan.
Written by Charlotte Luck – Senior Recruitment Consultant – Corporate Housing Services at Alchemy Global Talent Solutions.