The global workforce will look drastically different in 2030, and that has major implications for the office market.
By that year, some 693 million Baby Boomers will have reached retirement age, and 1.3 billion members of Gen Z will have entered the labor force. The commercial real estate industry, investors, and policy-makers should all take note, according to a new research report from Cushman & Wakefield, “Demographic Shifts: The World in 2030.”
Generation Z is actually the largest cohort in the world with just under two billion people, or 26% of the global population. Demographic trends will drive the pace of growth in cities around the world. Cities must establish themselves as places that are attractive to the highest quality workers in order to have the greatest real estate opportunities for renters and owners.
Cushman & Wakefield compared labor force growth and GDP growth of more than 137 cities worldwide. Cities with high growth in both categories have the best prospects for strong real estate demand, while slow growth in both categories indicates a lagging market. Cities with faster growth in GDP than in the working-age population are high productivity markets. Those with greater growth in labor than GDP are considered low productivity markets.
Related Stories
Codes and Standards | Nov 21, 2017
Updated material transparency web site and hazardous building materials list unveiled
Improved versions of tools aimed at use of healthier construction supplies.
Codes and Standards | Nov 16, 2017
White roofing isn’t always the best choice
Adverse effects include heat reflection onto nearby walls.
Codes and Standards | Nov 15, 2017
U.S. finalizes tariffs on Canadian softwood lumber
The duties would add 20% or more to cost if trade negotiators can’t find common ground.
Codes and Standards | Nov 15, 2017
NBI stretch code a tool for accelerating efficiency standards
It provides a strategy to leapfrog minimum code requirements.
Codes and Standards | Nov 14, 2017
California bill would require purchase of low-carbon construction products
Contractors would have to source products based on greenhouse gas impact, not price, on state projects.
Codes and Standards | Nov 13, 2017
New AIA contract document for facility support services released
Updated form intended to be used with owner-architect agreements.
Codes and Standards | Nov 9, 2017
NIBS, NBI issue guidance document to help communities achieve energy goals
Outcome-based codes compliance path looks at building’s actual performance.
Codes and Standards | Nov 7, 2017
Underwriters Laboratories launches wellness certification
First certification program that verifies products’ compliance with the WELL Building Standard.
Codes and Standards | Nov 6, 2017
Registration now open for Canada’s first Zero Carbon Building (ZCB) program
Standard is designed to be applicable across many types of new and existing buildings.
Codes and Standards | Nov 6, 2017
AIA releases new architect commissioning document
It will be used with the standard form for owner/consultant contracts.