Fully Occupied Scoop: March 2024 Newsletter

Last Updated on April 3, 2024 by Amanda Lee

Hi there,

Grab a scoop 🍦 –  Your monthly CRE news roundup delivered

The U.S. stock market is poised for its strongest quarter in five years, boosted by a strong economy and signs like low inflation as well as expected changes to interest rates in 2024. Commercial real estate is tightly intertwined with economic health, let’s take a look at the real estate verticals influencing our economy.

🏢 Real Estate & The Economy

Resiliency of consumers’ will power retail economy in 2024

“NRF is forecasting retail sales will rise between 2.5% and 3.5% in 2024, as the resiliency of consumers continues to power the American economy.” RetailBrew

Office real estate value likely to plunge through 2025

According to Moody Analytics, “the value of office commercial real estate will likely plunge 26% by the end of next year as many companies adjust to the work-from-home trend by shrinking work space or moving to cheaper properties.” Construction Dive

Industrial Market Will Resume Expansion in 2025

“Demand for Class A warehouses has remained robust… NAIOP estimates that quarterly net absorption of industrial space will average 14 million square feet per quarter over the next two years, or 62.8 and 49.1 million square feet in 2024 and 2025.” GlobeSt

🍦 So, What’s the Scoop?

The U.S. stock market is set for its strongest quarter in five years. In the retail sector, consumer resilience is fueling a forecasted 2.5%-3.5% rise in sales for 2024, while office real estate values are projected to plummet by 26% through 2025 due to remote work trends. On the bright side, the industrial market is gearing up for expansion with Class A warehouse demand remaining strong and an estimated quarterly net absorption of 14 million square feet over the next two years.

💻 Occupier Product Release Notes

Check out what’s new in Occupier for March!

🌟 OCP Employee Spotlight

Get to know Leah from our Sales Team

Why do you love working at Occupier?
I feel a really strong creative connection to this group and have since I started here 4 years ago. It’s really hard to make a good product but with this group everyone is really engaged, we all get our hands dirty, we’re all in. There’s so much here, we’ve hardly scratched the surface of this product’s potential. It’s exciting and fulfilling to be part of.

What is your favorite memory at Occupier thus far?

Probably the most impactful memory to date would be the first time we all met each other in NYC. It was during the pandemic, right after the first vaccine was introduced and we had all been working remotely for over a year. It wasn’t a big blow out like Austin (which was also amazing) but the thing that stands out the most is how natural, easy and enjoyable it was to meet for the first time. This is really a special group and that event really cemented it for me. 

What is your favorite thing to do outside of work?
Play with my kids! My kids are 5 and 2 and it is so amazing to get to experience the world through their eyes. We play outside (mostly), make art, dance, ride bikes, go hiking, learn about everything (especially animals!), anything really…it’s all a new adventure! I’m also an avid reader, I read every single day, and am always looking to trade book recommendations so other readers hit me up!

What’s your favorite movie of all time? 
The Royal Tenenbaums by Wes Anderson. The premise of the movie is that the people we love most will inevitably break our hearts, and each character embodies different responses to that grief (anger, rumination, detachment, escape) and ultimately a path to forgiveness and acceptance. A dark, quirky comedy with some heavy subjects but a beautiful message. And Bill Murray is in it!

What travel destination would you recommend? 
Our family loves to be outside so we like to choose adventure destinations where we can be in nature. Hawaii is always wonderful (Kauai is my personal favorite), and in Belize near Ambergris Caye there is an amazing bioluminescent bay that is truly magical.  In this life stage we’re staying closer to home and Lake Tahoe is our current favorite!

What’s the best piece of advice you’ve ever received? 
No one is ever a solved person. All of us are dealing with changing emotions, life events, etc and we are continually working through it all as long as we’re alive. Knowing this we can forgive ourselves and others, give people the benefit of the doubt, and let it go.

Check out Leah’s takeover on our Instagram Story!

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