There is insufficient information available to the public to determine the average occupation density per square foot for residential high-rise buildings or hotels in America. The average rate of occupancy for United States hotels increased from 62.3% in 2013 to 64.4% in 2014 and steadily climbed to 67.9% in 2017 showing a significant increase when compared to days when more hotel rooms were empty during the 2009 recession. The rise in demand for hotel rooms in America has exceeded the increase in supply at the "national level for the past eight years." This disproportionate increase between demand and supply has led to a rise in hotel occupation density for eight straight years.
DENSITY PER SQUARE FOOT: RESIDENTIAL HIGH-RISE BUILDINGS
- The occupation density per square foot for residential high-rise buildings across the United States is not available to the public.
- The Bank of America Tower is a mixed-use building located in North Hills. The high-rise building has 841,164-square-foot. The Bank of America Tower location is at 620 S. Tryon St.
- The significant economic driver for the increase in the number of tall buildings in the world (including the United States) is the limitation of space. Floor space is limited in "densely urbanised parts of" our societies, and this is "particularly true for residential developments."
- The continual increase in population across cities is responsible for the popularity of mixed-use buildings (residential plus commercial). Mixed-use buildings are gaining importance as high-rise constructions are no longer strictly for the use of the financial and business sectors. High-rise buildings are becoming accepted globally for managing the rising number of city occupants as millions of people move to cities every week across the world.
- New York-Newark is known to have the highest "number of proposed high-rise" buildings which are taller than 150 meters.
DENSITY PER SQUARE FOOT: HOTELS
- There is limited information available to the public on the occupation density per square foot for hotels across the United States in the past eight years.
- The average rate of occupancy for United States hotels increased from 62.3% in 2013 to 64.4% in 2014 and steadily climbed to 67.9% in 2017.
- In 2013, there were 4.8 million hotel rooms available in the United States. This count grew to 4,978,705 rooms in 2014. The average number of hotel guests per night was 4.8 million in 2014. The above statistics amounted to 0.964 occupants per hotel room in 2014.
HIGH-RISE HOTELS: DENSITY PER SQUARE FOOT
- The occupation density per square foot for high-rise hotels across the United States is not available to the public.
FACTORS LEADING TO THE CHANGE OF HOTEL OCCUPATION DENSITY
- Due to continued growth of the overall United States economy, steady growth will be experienced by U.S. hotels in 2019. This rise in hotel occupancy has trended for ten consecutive years.
- A higher proportion of hotel rooms (floor space) were empty during the 2009 recession. The recent increase in the demand for hotel rooms across America has exceeded the increase in supply at the "national level for the past eight years." The end of an era of a recession has been responsible for the steady rise in hotel demand and occupation.
- The excess demand for hotel rooms (by occupants), which continues to increase at a rate higher than supply (floor space). This disproportionate increase between demand and supply has led to a rise in hotel occupation density for eight straight years.
- Other factors responsible for the growth of hotel occupancy rates include recent "tax cuts and Jobs Act," which has led to higher group spending as well as rising "commercial transient demand."
- Two among the top three largest hotel brands across the world originated within the United States and are Marriott International and Hilton Worldwide.
The research included academic and scholarly journals such as research studies of the University of Illinois at Chicago. We studied statistics regarding how buildings have been developed and sustained across the United States. We studied the average occupation density per square foot for high rise residential buildings as well as high-rise hotels. The University of Illinois study revealed that urban policies, particularly in America, as well as poor design in a low-rise or high-rise residential buildings, often results in lower residents’ satisfaction. There were no insights uncovered about the occupation density statistics of buildings. We studied the survey reports to uncover the density of the various high rise buildings that led to resident dissatisfaction. Unfortunately, such details were not revealed by any of the studied scholarly publications. We attempted to uncover insights into the density of residential buildings. We reviewed the vanity ratio (misused space between a residential skyscraper's "highest occupiable floor and its architectural top," which does not contain residents). The vanity ratio uncovered was for commercial or mixed-use buildings such as the Bank of America Tower, the New York Times Tower, etc. The space used to calculate the vanity ratio was vertical area and not floor space, it was not useful to our study. There were no insights specific to the average occupation density per square foot for residential high-rise buildings, high-rise hotels, or hotels in general.
Research also included hotel management publications. We studied the average occupation density per square foot for high-rise hotels and hotels in general. The various hotel management publications reviewed did not disclose such information. We also studied trends in occupation density of hotels for several years. We also studied factors affecting change in occupation density of hotels. Hotel Management publication revealed that "demand growth has exceeded supply increases" at the national level for the past eight years. We assumed that demand for hotel rooms by occupants growing at a higher rate than the supply of hotel rooms is responsible for the occupation density of hotels in America. The density was expressed in occupants per room.
We studied credible media publications (including publications of Cox Media Group). We studied for insights on the management of various residential and commercial buildings used by hotels. We reviewed the occupation density (occupation rates per floor space) for high-rise structures for the past eight years. There were no insights relating to the average occupation density per square foot for any types of buildings. We tried to triangulate the occupation density by researching the floor space of several high-rise buildings and the average number of occupants that use the premises. Cox Media revealed that Bank of America Tower is a mixed-type building (used for both commercial and residential purposes). Research for the occupant count for Bank of America Tower failed to uncover any statistics. Cox Media Group did not publish such details.
- In 2013, there were 4.8 million hotel rooms available in the United States.
- In 2014, there were 4,978,705 hotel rooms available in the United States.
- The average number of hotel guests per night was 4.8 million in 2014.
- The density (occupants/room) = 4,800,000/4,978,705 = 0.964 occupants/room.
- This amounted to 0.964 occupants per hotel room.
- Density (occupants/floor space) = (calculated occupants per room as of 2014)/(floor space per hotel room as of 2014).
Unfortunately, there were no insights uncovered regarding the floor space per hotel room as of 2014, and we could not go on with the calculation.
We also studied real estate databases (such as TRData). We studied for statistics revealing the average occupation density per square foot for high-rise residential real estate buildings, high-rise hotel buildings, and general hotel buildings. TRData did not reveal such information. We attempted a triangulation by researching the floor space of various high-rise real estate buildings and tenant statistics. We assumed that occupation density per square foot = (number of tenants/floor space in square feet). TRData revealed that The Bank of America Tower has a total 2,353,000-square-feet floor space. The Bank of America Tower serves as a residential high-rise building as well as a commercial building. Tenant of the bank of America Tower are:
- Bank of America (leases 572,000-square-feet).
- Marathon Asset Management (leases 37,536-square-feet).
- Elie Taharie (leases 29,636-square-feet).
Research for a breakdown of the employee count or individual count hosted by the various significant tenants failed to uncover detailed statistics. TRData does not reveal such detailed statistics.
Due to limited insights into the occupation density of high-rise buildings, as well as, occupation density of hotels in the past eight years, we studied some resources published outside the usual 24-month credibility range. There are limited resources that analyze tenant statistics for hotels and high-rise buildings that occurred five to six years ago. Since the scope of our study covers tenant density for the past five to six years, we found it needful to expand and review a few resources older than 24-months.