Fully Occupied Scoop: January 2024 Newsletter

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Grab a scoop 🍦 –  Your monthly CRE news roundup delivered.

Despite challenges, the retail sector’s resilience continues to shine through as we start 2024. Retail consumer spending rose 3.2% from the previous year through November 2023, according to a Cushman & Wakefield report. This strength signifies the enduring appeal of in-store shopping experiences.

 🏀 A Retail Rebound

The Trends Reshaping Retail Real Estate In 2024

“The retail narrative is evolving from towering shopping malls to the allure of freestanding structures and neighborhood centers. Consumers are no longer satisfied with mere transactions; they crave community-centric experiences.” Forbes

Will the Commercial Real Estate Market Hit a Reset Button in 2024?

“It is clear that the real estate industry is entering a new era of thinking, building, and operating… the emergence of hybrid work models, the strength of the retail sector, underscores the new reality on the ground.”  NAR Realtor

Landlords No Longer Discounting Retail Rent as Vacancy Dips

“U.S. shopping center vacancy in Q4 2023 was 5.3%, the lowest rate since Cushman & Wakefield began tracking the number in 2007. Resilient demand outpaced subdued new supply, pushing absorption up 71% from the previous quarter and boosting asking rents.“ Bisnow

📝 The Essential Lease Accounting Audit Checklist

With the new lease accounting standards in effect since 2019, lease accounting audits have become a recurring task for accounting teams. Now, companies have to recognize most leases on the balance sheet as right-of-use assets and lease liabilities.

The financial impact of this change requires a significant time lift for internal teams. Prepare for your lease accounting audit by leveraging our 10-step Lease Accounting Audit Checklist which features videos, tips, how-to blogs, and definitions for each step.

🍦 So, What’s the Scoop?

This year’s surge in Black Friday foot traffic demonstrates the continued resilience of consumers and the strength of the economy. With growing confidence in the revival of brick-and-mortar establishments, retailers and restaurateurs must proactively prepare and plan for their real estate strategies and expansion goals for 2024.

🌟 OCP Employee Spotlight

Get to know Marcos from our Engineering Team

Why do you love working at Occupier?
Here I have had the opportunity to learn and be valued for my contributions.My coworkers are cool and smart, so it’s always a pleasure to work with them.

What is your favorite memory at Occupier thus far?
Buying hot dogs at 7-Eleven with Andrew, Lisa, Cristian, and Carlos at 2 AM after a night out in Boston.

What is your favorite thing to do outside of work?
It used to be surf/longboard but now is to teach my kids to skate and see them grow healthy.

What’s your favorite movie of all time? 
Braveheart.

What travel destination would you recommend? 
Peru in general, I love Miraflores and Machu Picchu is a must. And it has the best food I’ve ever tasted.

What’s the best piece of advice you’ve ever received? 
Never stop learning! Keep your mind open to new knowledge and skills.

Check out Marcos’ takeover on our Instagram Story!

🎙️ Latest on the Fully Occupied Podcast

Robert Cartwright⁠, Head of Global Hospitality at ⁠Fidelity Investments⁠, discusses the implementation of hospitality in the workplace. Tune in as he shares effective strategies for creating a workplace culture that prioritizes employee well-being, leading to increased productivity and satisfaction.

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