Occupancy Rate is a key performance metric used primarily in the hospitality and real estate industries to measure the percentage of available space that is occupied or rented out at a given time. It is calculated by taking the number of occupied units and dividing it by the total number of available units, then multiplying the result by 100 to express it as a percentage.
For example, if a hotel has 100 rooms and 75 are booked, the occupancy rate would be 75%. This metric helps businesses assess their performance, operational efficiency, and revenue generation capabilities. A higher occupancy rate typically indicates strong demand and effective marketing strategies, while a lower rate may suggest overcapacity, pricing issues, or lack of demand. The occupancy rate can vary significantly based on factors like location, seasonality, and market conditions, making it a crucial indicator for property management and investment decisions.
Golden Eagle Group, Inc. has achieved near-full occupancy (98%) at 3130 Fairview Park Drive through strategic partnerships and tenant-focused strategies. The revitalized office complex hosts notable tenants such as Arete,…