During his recent conversation with Ryan Embree for the Hospitality Trailblazers series on the Suite Spot podcast, President and CEO Charles E. Oswald talked through his trends and predictions for 2024. Here, Charles expands on those thoughts.
In the ever-evolving business travel landscape, we observe significant shifts in market trends. Currently, there’s a general softening in leisure travel trends coupled with an improvement in business travel. These changes are critical as we adapt and strategize for the future.
Key indicators that are paramount in our analysis include Office Utilization trends and Air Traffic, both of which offer valuable insights into the behavior of business travelers. Notably, Air Traffic has commendably recovered to levels above those of 2019. However, Office Utilization presents a contrasting picture, hovering below 50% of the figures seen in 2019. Interestingly, Office Lease rates are maintaining a strong position, sitting around 96% indexed to 2019….