subject: Saving On Extended Stays In Toronto's Corporate Suites [print this page] Everyone from entertainers to engineers who travel as part of their work has a need for comfortable quarters, more of a home away from home than a busy hotel when they plan to stay for more than a few weeks in one city. The growing number of corporate accommodations companies can offer furnished apartments, condos, houses, and lofts to cater to all who want more space in the select part of town that suits their tastes.
The industry thrives in large cities where most business is conducted. In a destination such as Toronto corporate housing units can be rented in the Theatre District downtown, the Beaches, Little Italy, or somewhere in the suburbs. Thousands of high-quality restaurants entice diners and they fill up quickly. There are small little-known restaurants like Lee Garden in Chinatown where there are large round tables in a small room. It's hard to get in and the food is so good that the customers want to stay to order more of the coconut soup desert that is unlike any other.
Sports fans have easy access to baseball, basketball, and hockey in Toronto. In order the big-league teams are the Toronto Jays baseball team in baseball, the Maple Leafs in hockey, and the Raptors in basketball. The streets are safe downtown and there is something for everybody - most museums and other tourist sites are walking distance from the CN Tower. A trip to the top of the Tower is a popular event (and possibly a meal in the revolving restaurant for those not squeamish about heights while they're eating - or the sleight swaying of the Tower in high winds).
The main activity in Toronto however is business. There are financial, manufacturing, electronics, computer, pharmaceutical, retail, transportation, and communications giants employing many of the city's 2,503,281 inhabitants. The extended stay visitor would normally be a professional from one of these industries sent for a six-week project. The most cost-effective way to provide housing for them is to make arrangements with a corporate suites provider.
The average monthly rent for a one-bedroom arrangement is $3,450 ($115 per night) which is about half of the price of a hotel. Corporate suites typically have twice the floor space in the units, plus full kitchen, electronics, linens, etc. The industry revenue was $2.36 Billion in 2009 (US figures so Canada would be about a tenth). The housing market recession in the states caused this figure to go down from the $2.78 Billion of 2008.
The average stay for the corporate traveler is 80 days. Although the assignment may be work-related and tiring, the chosen house or condo will match the environment that's ideal for rest and relaxation. Some people prefer to eat at home or travel with their family members and happen to have a good cook in the family and they don't normally eat out. The corporate housing providers take great care to be sure the right suite is available for these guests, who are treated like VIPs while they enjoy their stay.
by: Pat Boardman
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