What We’ve Learned from Our 300% Increase in Business Travel Bookings

July 09, 2021

It’s well-known that the travel industry was deeply impacted in 2020, as the world locked down to rein in the effects of the COVID-19 pandemic. After the return of leisure travel earlier this year, all attention has now shifted to the return of business travel. As mentioned in our recent article, Jamie Dimon, CEO of JP Morgan Chase was quoted as saying, “In cases where JPMorgan lost business to rivals, it was because bankers from the other guys visited, and ours didn’t.” This sums up why businesses are eager to get back on the road. At Dwellworks Living, we’ve seen a 300% increase in demand for corporate housing from clients returning to business travel in the second half of 2021.

Still, many other companies and their employees have questions about what to expect. Here’s what we have learned from the early part of the resurgence:

Dwellworks Living - What We’ve Learned from Increase in Business Travel Bookings

Travel Has Been Deemed Necessary

In short, personal meetings are still seen as a critical factor to networking, selling, innovating, and executing highly collaborative projects. This explains why 86% of business travelers looking forward to getting back on the road, and also explains why the traditional definition of business travel is changing in this post-pandemic world. With the growth of the hybrid work model, business travel is no longer expected to be relegated to sales teams and project managers. In fact, 69% of decision-makers believe that the remote work model will actually generate more business travel as remote associates plan to travel more for team workshops and client meetings.

At Dwellworks Living, we’ve seen these metrics come to life. While individual business trips are making the strongest initial comeback, clients have also begun preparing and requesting accommodations for group meetings and upcoming intern programs. Work-related relocations are also rebounding, as businesses prepare to shift key talent in response to the new economy.

Securing Supply

As demand increases, especially in the US, our 500+ Dwellworks Living US suppliers are keeping pace, meeting client expectations for offering multiple options for every housing request. While a 2021 survey by Amadeus found that nearly 9% of hotel brands had either closed or planned to close locations due to the pandemic, the corporate housing industry has largely proven to be more resilient. During the pandemic, when demand was low, many operators released serviced apartments or converted them to traditional residential units until travel rebounded. New volume surges have consumed supply at a pace not seen since March 2020 and the entire accommodations ecosystem is working to source more housing to meet the increased travel and relocation activity.

Travelers are Living Larger

In addition to an increase in demand, we’ve also seen a shift in the type of units requested. Over the past year and a half, many employees have taken a fresh look at how they manage their work-life balance. In many cases, this now includes taking family members along on business trips. As a result, our suppliers are increasingly sourcing larger 2- and 3-bedroom units and single-family homes to ensure associates and their families are fully and comfortably accommodated during business trips. Competition for housing is strong, with demand being generated not only for short-term needs but also by renters on the move in key employment markets.

The Hotel Experience Has Shifted

As travelers head back onto the road, they are noticing several key differences in their hotel experience. According to Amadeus, 20% of global hoteliers will offer reduced food & beverage and in-room cleaning, and other services which require staff-guest interaction. Employees should not be surprised to find that their rooms are only cleaned weekly or upon request, that hotel restaurants and bars have limited capacity, or that room service is unavailable. In many cases, nearby restaurants have also experienced closures, or are operating with limited hours as they struggle to rebound amid widespread staffing shortages.

Travel buyers can seek to compensate for reduced services by booking alternative accommodations such as serviced apartments, which offer full kitchens, separate living and workspaces, and even in-room laundry machines. The extra space will provide greater comfort, allowing for more productivity and greater overall satisfaction with the business travel when personal services are not available.

Awareness and Action Are Key

As the world rapidly moves to post-pandemic business and employment expansion, flexible forward planning is proving to be a major key to success. At Dwellworks Living, our strategic advisors and global network of local experts are working with clients to understand and prepare for their plans to bring operation back to offices, deploy talent, and quickly respond to economic forces that impact their industries in varying ways around the globe. We’re advising clients that in a period of surging demand and tight supply as operators globally rebuild their inventory to act promptly on any planned housing requests and respond promptly to available options. Our supply chain leaders and global accounts services teams are drawing on more than 20 years of experience and well-secured relationships to ensure a seamless experience in this environment of rapid change. Awareness, planning, and action throughout the value chain will ensure success as the world comes back to work.

Dwellworks Living: Global Solutions for Corporate Accommodations

Dwellworks Living is committed to providing our clients and their employees with the best possible corporate housing and serviced accommodations experience. With a global network of property partners, a tri-regional team of customer experience and supply chain professionals, and a wide range of services for global mobility and travel customers, Dwellworks Living can provide the perfect corporate housing solution for any need or budget.

Dwellworks Living is the global corporate housing solution of Dwellworks, an award-winning, business-to-business provider of global mobility and business travel services. As a global leader in corporate housing and serviced accommodations solutions, Dwellworks Living is uniquely positioned to meet the temporary living needs of businesses and their employees who are relocating or traveling on short-, medium- or extended-stays. With 60,000 high-quality professionally managed properties in over 125 countries worldwide, Dwellworks Living is the preferred housing solutions partner of many Fortune 1000 and leading relocation management companies.

Dwellworks Living's corporate housing and serviced accommodations solutions are designed to help businesses attract and retain top talent, support employee productivity, and ensure a smooth and successful relocation or business travel experience. In addition to our core global accommodations management services, Dwellworks Living, through our worldwide network of local experts, is uniquely capable of offering our clients expanded and related services, such as area orientations, group move assistance, destination services and intercultural training.

Whether you have corporate housing needs for an individual employee or a large team, Dwellworks Living can provide the serviced accommodations solutions you need anywhere in the world to ensure a safe and successful stay. Please contact us to learn more or visit our Properties page to begin your search for global corporate housing accommodations.