London remains the hub for business travel in the UK, with many companies routing their head offices, client meetings, funding rounds, and new market launches through the capital.
However, the longer a business traveller stays in London, the more expensive a hotel becomes. The nightly rate barely changes, regardless of the length of stay, and there is usually no space to work beyond the end of the bed.
Corporate serviced apartments in central London offer a more cost-effective solution for longer stays. These apartments are priced to reward longer bookings, with the effective nightly rate falling the longer someone stays. They also provide a kitchen and living space, which can help reduce costs associated with restaurant meals and hotel laundry bills.
When considering longer stays, it is essential to run the numbers. For a couple of nights, the gap between a hotel and a serviced apartment may be negligible. However, for a fortnight or a month, the difference is significant, with serviced apartments often offering a lower effective nightly rate.
The assumption that serviced apartments are the indulgent option is also misguided. On a long stay, they can be a necessity, providing a dedicated workspace, living room, and bedroom that is only used for sleeping.
For companies relocating employees to London, serviced apartments can also be a cost-effective solution. They can provide a temporary home for employees while they find permanent accommodation, and can be extended or ended without the weight of a standard tenancy.
To make the most of serviced apartments, companies should focus on location, booking length, and the amenities required for a successful working stay. Fast broadband, a proper desk, laundry facilities, and a kitchen that can handle more than coffee are all essential.
Finally, it is worth noting that hotels are not going anywhere, and may still be the best option for quick overnights. However, for extended stays, treating them as a longer version of a one-night trip can lead to overspending. By considering corporate serviced apartments, companies can make significant savings and provide their employees with a more comfortable and productive working environment.
