With the pandemic and economic challenges of the past three years, many companies who have employees that travel for work are looking at the trends for corporate housing in 2023 and what it will mean for them. This is an important facet for companies to be evaluating moving forward in order to incentivize employees and establish a dependable relationship with a professional corporate housing provider.
4 Trends for Corporate Housing in 2023
The thing about trends is that many of them are clearest in hindsight. Still, in just the first two months of the year, there are already signs developing about trends for corporate housing in 2023. As the world changes, these trends may as well, but this is what they look like right now:
- Some things never change. While it is true that the post-COVID era has resulted in changes in much of the way the world does business, some things never change. For example, some industries such as healthcare and emergency relief had personnel that traveled during the pandemic and continue to do so today. These individuals need corporate housing accommodations on an ongoing basis and likely in multiple areas in the span of just one year.
- Relocations are still happening. There has been a movement following the pandemic of some employees relocating within a company to a new office that is closer to family or nature. As this takes place, these individuals often require interim corporate housing while they search for a more permanent home for themselves and their families. It is critical for employers to be able to meet their employees’ needs by having an established partner to aid in relocations. This enables the company to retain the employee rather than having to find a replacement.
- Catering to new locations is key. One of the primary ways corporate housing in 2023 is shifting is away from the primary concern of COVID-19 to the changed and modern work environment yielded by the pandemic. As the world reenters the realm of corporate travel, many companies are finding that their own employees or those of businesses they work with have changed from in-office only to a constantly evolving hybrid of at-home, on-the-go, and in-office environments. This model results in an increased need for companies to meet the needs of their customers, wherever they may be. This requires dependability and creativity when it comes to corporate housing.
- Business travel is flourishing. Companies are working harder than ever to cater to current clients as well as attracting new ones. To effectively do this, corporate travel is frequently required. In just the first quarter of 2023, there are already signs that business travel is continuing to thrive and possibly even grow.
What to Look for in a Corporate Housing Provider in 2023
With the knowledge that business travel is currently showing no signs of slowing and relocations are still happening, employers should consider partnering with a reputable corporate housing company to serve their employee’s needs.
Several things to look for in providers of corporate housing in 2023 include:
- A variety of locations in urban and rural settings. There was a time when most travelers preferred to be just down the street from their temporary office. However, as employees spread out to work from home or in a different location, some customers may require a business to send an employee to a more rural location instead of the downtown area of a large city. This is something new thanks to the hybrid or nomadic work model following the COVID-19 pandemic.
- A high inventory of available spaces. Employers should ensure that a corporate housing provider has a high inventory of available spaces. This is critical to verify as some companies may have scaled back on their offerings, which can be a problem for some employers. Look for a provider that has a wide variety of options in both urban and rural locations, domestically and internationally.
- Good amenities. In general, productive employees are happier employees. For this reason, employers should make every effort to partner with a provider that offers the best amenities with each of their apartments. Some of the most coveted apartments include fully furnished spaces, fully operating private kitchen, private laundry area, free parking, and access to the fitness center and/or swimming pool. Corporate housing facilities should also be equipped with high-speed internet so that guests are able to successfully work from their apartment as needed or unwind after a long day.
- Exceptional customer service. Find a company that provides exceptional customer service to both employers and their employees. This can include around the clock accessibility, special touches like welcome baskets or stocked apartment pantries, or ease in arranging lodging. Ideally, employers should choose a provider they have enough confidence in to simply delegate the task of corporate housing instead of having to oversee it themselves.
- Continuity in standards of excellence. One of the perks of working with a company that has multiple options all across the nation and internationally is that the employer can come to expect a certain continuity in standards of excellence across the board. This can be the cornerstone of a long and beautiful partnership between an employer and their corporate housing provider.
Corporate housing in 2023 is gaining momentum as business travel appears to be picking up almost simultaneously. The question is probably not if your company will need corporate housing, but when. Be prepared so you can immediately cater to your customers, employees and business partners without hesitation.