Olympic Games: 26 July to 11 August 2024
Paralympic Games: 17 August to 9 September 2024
In the second part of our “Paris ‘24” series, we explore the world of temporary living and the impact the 2024 Olympic and Paralympic Games may have on the sector. We thank our dedicated supplier partner, Dwellworks Living, for their support and expert advice.
The demand for housing during the Olympics means that temporary accommodations, serviced apartments, and hotel rooms will be harder to find and more expensive. HR and mobility managers should plan moves to France during this period with as much advance notice as possible. The more time available for sourcing temporary accommodation, the more availability there will be.
When sourcing temporary accommodation in the run-up to the Olympics, establish your business priority: Is it more important to reserve accommodation at any cost, or would delaying the start of an assignment be a more cost-effective decision? Achieving the right balance between cost and a successful relocation will undoubtedly be one of the greatest challenges for businesses next summer.
While there are no formalized plans or pricing for temporary living during the Olympics period just yet, it is essential to note that rates are expected to increase in the lead-up to and during the impacted period. In preparation, many providers have already removed their inventory to maintain control and maximize booking opportunities during this time. However, some are considering allowing advanced bookings for current clients.
Pre-payment of non-refundable deposits will likely be required for those planning to block book, and cancellation terms are expected to be more stringent. These may include increased cancellation periods, strict minimum stay requirements and non-refundable terms to avoid speculative reservations and maximise opportunities for providers.
Companies may wish to consider having their employees stay in properties outside of Paris where rents and travel into the city will be cheaper. These places will still need to be booked early. Another consideration is to rent accommodations on a long-term lease, typically for 12 to 18 months. By doing this, short-term assignees can live in the property on a rotational basis.
To better understand the implications of the Paris Olympics on relocation and housing, our supplier partner, Dwellworks Living, analysed previous large-scale events such as the London 2012 Olympic and Paralympic Games. We recognise that every market presents its own unique set of trends and challenges, but revisiting our experiences of previous events better prepares us for future ones.
During London 2012, there was significant market hype, leading many companies relocating employees to make block bookings in advance. However, the predicted level of demand did not materialize and the stringent terms and conditions in place prevented companies from negotiating the cancellation terms at a late stage, resulting in full cancellation fees.
Our experiences of major events like London 2012 means that we understand the importance of clearly defining challenges to our clients as early as possible, allowing time for us to work together to mitigate such risks.
We expect to have a clearer understanding of any impact temporary living rates, deposits, and cancellation terms in the coming months and will communicate these details to you promptly to facilitate your relocation plans.
Stay tuned for Part Trois of our “Paris ‘24” thought leadership series…
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