SilverDoor's Market Update is a comprehensive review of the global travel landscape using our own booking data, wider economic context, and our experts' experience and predictions to build a picture of serviced apartment trends worldwide. Reflecting on the past quarter and forecasting for the year ahead, the report advises corporates on rates, supply, demand and traveller preference to inform booking practices.
SilverDoor captures more than 127,000 datapoints from an average of 593,000 enquired room nights each quarter, the largest and most extensive sets of data available in the sector. This means we can provide the most accurate trend commentary and forecasting for those in the know across the business travel and mobility industry.
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|SilverDoor Snapshot
The market is being influenced by a new generation of business traveller, policy changes following a record year of global elections, and an exciting set of emerging destinations – does 2025 represent a new era for corporate travel?
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|Good news for corporates as rates in APAC are steady and look to stay that way for the next quarter.
According to our booking data:
- APAC ADR (Nov 24-Jan 25) was S$195.71: down 6.8% YoY and down 13.3% QoQ
- ALOS in APAC is 61 nights: 2 nights longer YoY and 7 nights longer QoQ
- Average lead time in APAC is 41 nights: 1 night shorter YoY but 1 night longer QoQ
Indian locations dominating accommodation searches on www.silverdoor.com according to our Nov 24-Jan 25 Google Analytics data:
Mumbai, Bangalore and New Delhi were in our top 10 viewed location pages for the last quarter – the most Indian locations ever featured in that list at one time. Website traffic to browse accommodation in Mumbai was up 315% YoY, up 328% YoY in Bangalore, and up 70% YoY in New Delhi. Web enquiries for the same cities were up a combined 521% YoY.
- Website traffic to browse accommodation in Taiwan up 149% YoY
- Website traffic to browse accommodation in Tokyo up 284% YoY
- Website traffic to browse accommodation in Sydney up 189% YoY
Expert analysis of the 2025 APAC market:
“In our region, Australia, Japan and India continue to be very busy with demand outstripping supply. In India, domestic movement is the dominant type of travel, with repatriation also common – but whilst enquiries are high here from international bookers, conversion can still sometimes be challenging due the lack of high-quality supply.
Singapore is relatively soft at the moment, but Jakarta, Hanoi and Bangkok are all seeing increased interest, perhaps because of the overall lower expense of a business trip compared to Singapore where rates are always on the high side. Indeed, our 2024 booking data shows 270% more enquiries into Hanoi compared to 2023 figures so this market is certainly one to watch.
Singapore is still, and always will be, a top destination for corporate travel though and keeps growing in popularity for business travellers from the US and UK, so I don't have any major concerns that it will remain slow. 2024 booking data indicates this robust corporate interest, with 23% more room nights booked overall than 2023 volumes. Other predictions for the next quarter include:
- Several accounts have told us to expect more enquiries into Taiwan
- We’ve been struggling for availability in Tokyo where demand has picked up, but new properties in the area should ease this supply/demand imbalance. For lower budget shorter stays, co-living openings like Lyf by Ascott are a great option, and we’ve recently partnered with Mori Living which caters for long stays.
- Shanghai is popular right now, whilst Hong Kong is still experiencing the consequences of pandemic-induced traveller uncertainty and is slower than other markets
- A recently onboarded account tells us we can expect to see an uptick specifically into Kuala Lumpur, which will be welcome volumes for our Malay operators with stock in the capital.”
|Shifting Americas Market
According to our booking data:
- Americas ADR (Nov 24-Jan 25) was $187.4: down 4.8% YoY and down 13.9% QoQ
- Despite what we expected to be a quieter, more cautious winter for the Americas, enquiries into the region were up 13.1% YoY
- ALOS in the Americas is 65 nights: no change YoY but 4 nights longer QoQ
- Average lead time in the Americas is 48 nights: 1 night shorter YoY but 9 nights longer QoQ
According to our Nov 24 - Jan 25 Google Analytics data:
- Website enquiries for bookings in New York are up 35.7% YoY
Expert analysis of the 2025 Americas market:
"Policies of trade protectionism, streamlining spending, tax cuts and deregulation could all be great news for business in America: boosting domestic confidence, job creation, and investment. Indeed, US economic performance is holding steady so far: employment is healthy, the dollar is strong, and inflation is only slightly on the high side – nothing to be unduly concerned about as yet but might act as a handbrake to interest rate cuts.
The risks are there: rising prices, trade wars, inflation and higher interest rates could all be consequences of these stated aims and policies. With the current administration, experience tells us it's prudent to look at what actually gets done, rather than what we’re told will happen.
Businesses do like certainty though, which is currently in short supply. What we can predict based on what we have experienced in recent weeks includes:
- Plans to cut federal employment/agency spend and reductions in foreign aid (albeit this movement is currently paused) means we might see fewer international moves of government employees out of the US. We can also expect less inbound travel for foreign professionals who may not be as willing or able to travel to the US.
- The planned changes to federal emergency management and funding could impact the companies involved in emergency response, for example those responsible for rebuilding infrastructure following a natural disaster. This could reduce associated domestic moves for project workers in the US.
- We’ve worked with one client (likely the first of more) to secure flexible booking terms and cancellation policies for international hires in their grad programme who may now be unable to secure a visa. The company advised that if visa applications are delayed or denied under new legislation, these graduates will not be able to join the grad programme – a position we expect many other businesses are also in.
We are continuing to assist clients with displaced employees after the LA wildfires; tell us what you need and we will support in any way we can.”
|Rates are generally holding steady in EMEA, although London climbs until summer
According to our booking data:
- EMEA ADR (Nov 24-Jan 25) was £136.8: down 5.5% YoY and down 15.2% QoQ
- ALOS in EMEA is 58 nights: 2 nights shorter YoY but 22 nights longer QoQ
- Average lead time in EMEA is 37 nights: 1 night longer YoY and 5 nights longer QoQ
According to our Nov 24 - Jan 25 Google Analytics data:
- London remains our most visited location page, with a 116.4% YoY increase in website traffic and 64.2% YoY increase in web enquiries
- Website traffic to browse accommodation in Abu Dhabi is up 120% YoY
- Website traffic to browse accommodation in Riyadh 491% higher YoY
- Website traffic to browse pet-friendly apartments in the UK up 66% YoY, with web enquiries for this type of accommodation 50% higher than they were a year before
Expert analysis of the 2025 EMEA market:
“The surge of website traffic to browse accommodation in the Middle East is further supported in our own booking data: enquiries into the region are up 12.4% YoY. This only confirms its growing importance for corporates and relocating assignees who cite low crime rates and high standards of healthcare and education as pulls to the region, and UK fiscal policy is also probably pushing businesses and high-net-worth individuals to more attractive tax environments.
Findings in a recent economic report by PwC predict that the combined output of Poland, Romania, Czech Republic, Hungary, Bulgaria and Croatia will surpass the UK’s for the first time ever this year. In 2004, the UK’s economy was 40% larger than this collection of Eastern European top players, but the outlook of today tells a different story. Indeed, our booking data shows combined enquiries for these six Eastern European cities were up 28.57% YoY as more corporates turn their attention to this growing economic stronghold.
Heading west to Iberia, several accounts are interested in Madrid, Barcelona and Valencia, and we’ve recently booked significant volumes into Paris and Milan, although Paris in particular has experienced some lengthy delays in visa applications so bear in mind when considering this location.
We’ve found London to be quieter than usual recently; after a few years of clients opting for apartments far from their office location in a bid to reduce accommodation costs, a strategy born out of the work-from-home/work-from-anywhere movement, it appears now that this formula might not be so effective.
Amazon, Disney and IBM, among others, have been vocal about mandating a return to office or hybrid working model, which means we’ve seen a short commute time once again topping booker priority lists. When commute times stopped being as much of a consideration, our relocation guests often chose accommodation an hour or two away from their office, or even in an entirely different city, but now some guests won’t book anything unless it’s walking distance to the office.
In locations like central London, though, a short commute comes at a premium; a premium further heightened by more demand from corporates who now need to be stationed in these business hubs. If the return-to-work trend continues, we may see availability squeezes, higher rates, and more eyes on alternative emerging European destinations.”
|What market shifts can we expect in 2025?
 | More large, complex group bookings for major corporate and entertainment events as serviced apartments can accommodate the flexibility needed for these requests |
We’ve seen an increase in requests for large events-related bookings like for performers in a touring show or athletes competing in a major event. These bookings are often complex and require more flexibility than usual groups – some requirements we’ve organised include:
- A bespoke apartment cleaning schedule to fit around show times and rest days
- Parking spaces for tour buses
- Waived fees or flexible terms to accommodate last-minute booking modifications
- Waived events/matchday surcharges
- Shared shuttles to stadiums, theatres, events venues, etc
Serviced apartments are well suited for projects like this, with operators and agents working in tandem to successfully fulfil complex booking scenarios, so the use of serviced apartments for these requests is on the up. A recent AMEX survey also found that 66% of meeting professionals expect increased M&E budgets in 2025, so we’re expecting more large, group requests for both corporate and entertainment events this year.
 | Unlocking savings by combining transient business travel and relocation spend |
Global mobility, graduate programmes, projects, and business travel have often existed in silos in large businesses. This is changing, with more clients spotting opportunities to combine spend and manage all these accommodation programmes via one provider.
- Unlocking more buying power by combining mobility and transient business travel spend.
- Many clients now use serviced apartments for stays from 1-7 nights using properties with mapped corporate rates negotiated for a specific programme. Many properties will waive minimum stay requirements in the context of a larger programme of longer stays.
- Clients increasingly expect full control and transparency of their online booking experience for both short and long stays, balancing the ability to self-serve on simple requests, and get more support for large complex groups.
- Businesses expect to be able to have an overview of an entire programme’s performance across all departments and cost centres and access data on location and booking behaviour, savings, spend, and carbon emissions.
 | The ability to browse, view, book and amend instantly online is a non-negotiable |
Many of the conversations we’re having with current and prospect corporate clients focus on building a bespoke accommodation programme that can be easily slotted into online booking platforms. Not only does this provide a high level of compliance, carefully controlled outcomes and savings and cost efficiencies, but it speaks to the growing demand for a quick and easy booking journey.
Perhaps the shift towards more online travel management is accelerated by the ‘traveller of the future’ – Gen Z business travellers - who tend to make quicker booking decisions and want to access and consume travel content with the same immediacy and personalisation they get on other apps and websites they’re using daily.
The influence of ‘tomorrow’s traveller’ has been building for some time, but as Gen Z already make up around 30% of the global workforce, this is today’s consideration. We can except a bigger push towards online booking platforms and travel management apps, and updates to travel policy that take generational differences in preferences and priorities into consideration.
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If you would like specific topics or trends to be discussed in a future SilverDoor Market Update, get in touch with us at marketing@silverdoor.com.
