“ Being able to relocate yourself, your family, or your business to a more favourable city, or have the option to choose between multiple different cities across the world, is an increasingly important aspect of international wealth and legacy planning for private clients.”


DOMINIC VOLEK, GROUP HEAD OF PRIVATE CLIENTS, HENLEY & PARTNERS


VOLATILITY AND GEOPOLITICAL TENSIONS WILL BE KEY CONSIDERATIONS IN 2024 Geopolitical issues are a major influence on where and when global mobility teams may need to act. The World Economic Forum Annual Meeting at Davos defined 2024 as a year of rebuilding trust. This against a background of increasing division, heightened hostility and a surge in conflict. It says humanity is grappling with multiple issues simultaneously, including how to reinvigorate economies, respond to the threat of climate change and ensure AI is used as a force for good. Elections will play a major part in the global economy


this year. In India, business travel spending is expected to reach up to $38billion, says SilverDoor. The country’s general election – the largest democratic event in history – took place over 44 days with the results declared on 4 June. Indeed, 969 million people are eligible to vote in a region that is seeing significant economic growth and therefore growth in demand for corporate housing and accommodation rates. “Any resulting governmental changes are expected to


reflect the demands of a younger workforce generation, with further shifts in the corporate landscape to follow in support of key destinations, including Bangalore, Pune and Mumbai, where investment also continues to grow,” says Al Butler of SilverDoor. The continuing political tensions between Russia and


the West, the war in Ukraine, trade difficulties with China and the tensions between China and Taiwan continue to dictate policy. They add a level of uncertainty to trade and investment.


SUPPLY AND DEMAND INFLUENCED BY NEW BUSINESS CHALLENGES For many corporate employers post-pandemic, serviced apartments are becoming a cheaper and more popular option than hotels. Part of this is due to hybrid working, where assignees need more space in their accommodation in which to work, as well as optimising the employee experience. For employers, there is also the need to balance employees’ and their families’ wellbeing


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with employer duty of care – all while maintaining budget control in the face of rising costs. According to the ‘Emerging Trends in Real Estate:


Europe 2024’ report by PwC, the interest in investing in serviced apartments has been gradually growing. In a ranking of 26 real-estate sectors, serviced apartments climbed from 16th place in 2022 to ninth in 2024. Another key transition point for many companies is


the need to accommodate and measure new metrics on diversity and inclusion (DE&I) and environmental, social and governance (ESG) data. While many countries with developing economies do not yet have the means or legislation to measure and enforce new policies, countries with more emerged and developed economies are increasingly under pressure to demonstrate strategy and provide data for customers, stakeholders and regulators. “Across the board the focus on sustainability continues,”


says Al Butler of SilverDoor. “For those businesses keen to encourage a return to the office, albeit a hybrid one, demand for accommodation that offers shorter commute times remains high. Not only does it fit the bill in terms of reducing emissions and supporting employee wellbeing and a better work-life balance, but it also means a hybrid model is significantly easier to achieve.” Key sectors are undergoing fundamental shifts to


change their business model and capitalise on new markets. These include motor manufacturing, oil, gas and energy, environmental and sustainability companies, and mining. The financial and technology sectors are both growing strongly, but suffering from a shortage of talent and rising salary demands. S&P Global’s report into the top 10 factors shaping


global oil markets and mobility in 2024 found that the global oil and mobility sectors stand at “a critical juncture in 2024”. It warns the industry is grappling with a complex interplay of geopolitical, technological and economic forces that promise to reshape the landscape. “The upcoming US elections […] could have


profound implications for international relations, trade policies and environmental commitments, thereby influencing the strategic calculus of oil markets and mobility sectors worldwide,” it says.


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