For CRE, autonomous driving will amount to a major disruptive force. In a recent podcast, CBRE's Spencer Levy and Jeremy Neuer cover some of its less-discussed implications, including greater senior citizen mobility, job loss in car-adjacent industries, and the adaptive re-use of office spaces that include parking structures.
How much do U.S. hotels depend on international guest stays?
International occupancy is an important component of U.S. hotel demand, but exactly how important has not been well-established by data from trusted industry sources. Here, we used U.S. government statistics, city travel and tourism reports, and a set of assumptions to estimate international guest stays' demand contribution, for selected large cities and the nation. We found that international visitors consume a greater share of hotel room nights than you might expect.
Hurricanes contribute to decline in September employment
U.S. employment fell by 33,000 jobs in September—the first monthly loss since September 2010—ending the longest streak of monthly job gains on record. The loss was partially attributed to last month's two major hurricanes. With downward revisions to July and August, the rolling three-month average is now 91,000 jobs, down from 185,000 last month. On a positive note, wage growth improved significantly, unemployment fell from 4.4% to 4.2%, and the labor force participation rate rose from 62.9% to 63.1%.