Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The "Corporate Housing in the UK - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Over the five years through 2023-24, industry revenue has shrunk at a compound annual rate of 2.1% to £1.2 billion, including an expansion of 14.1% in the current year. Corporate housing providers are constantly entering the industry by renting apartments from landlords, fully fitting them out with furniture, appliances and decor and subletting them for a profit. This model and significant tech and online marketing investments drive industry growth.
The contraction in revenue in 2020-21 was due to COVID-19 disruptions, resulting in a standstill in international travel, which depressed corporate housing occupancy rates. Revenue significantly rebounded once restrictions eased, albeit the industry has yet to return to pre-pandemic occupancy levels.
Trends and Insights
- Corporate travel budgets are depressed. The uncertain future of the UK economy due to Brexit caused travel budgets to fall across many industries, limiting demand for serviced apartments and pushing down revenue.
- Brexit shrunk demand for serviced apartments. The pandemic exacerbated this trend, with global travel restrictions constraining corporate travel levels; however, recovery in domestic travel levels is fuelling growth in business traveller demand.
- London attracts the most business travellers. This is why many corporate housing providers have chosen the capital to open most of their locations.
- More providers means more competition. There's a constant flow of serviced apartment providers entering the industry by renting out apartments from landlords, fully fitting them with furniture and other appliances and subletting them to corporate travellers ready to go.
Industry Overview
- Industry revenue has declined at a CAGR of 2.1 % over the past five years, to reach an estimated £1.2bn in 2024.
- COVID-19 depressed occupancy rates. The halt in international corporate travel following the COVID-19 outbreak depressed occupancy rates across the UK corporate housing industry, causing steep losses and delaying expansion efforts.
Industry outlook (2024-2029)
- Market size is projected to grow over the next five years.
- Growing international travel levels will fuel growth
- In the short term, international corporate travel will remain subdued compared to pre-pandemic levels due to slow recovery and inflationary pressures constraining corporate budgets.
Company Coverage Includes:
- Staycity Investment Holdings Ltd
- edyn Ltd
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Major Markets
- Globalisation & Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Barriers to Entry
MAJOR COMPANIES
OPERATING CONDITIONS
- Capital Intensity
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
For more information about this report visit https://www.researchandmarkets.com/r/ra5val
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
