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 | Jun 8, 2017
Car sharing popularity means parking zoning and codes may be promoting overbuilding of garages
Some designers look to modular designs in anticipation of alternate uses.
Codes and Standards | Jun 7, 2017
IAPMO advances toward new 2017 Water Efficiency and Sanitation Standard
Revised pipe-sizing method for residential applications will be included.
Codes and Standards | Jun 7, 2017
New Colorado law could stimulate stalled condo market
Construction defect law modifications could ease litigation risk and cut insurance rates.
Codes and Standards | Jun 6, 2017
New York City will require construction superintendents on buildings higher than three stories
New laws focus on construction safety.
Codes and Standards | May 30, 2017
Industry Groups move toward Unified Green Building Model Code in 2018
The effort involves combining ASHRAE's Standard 189.1 with the International Green Construction Code.
Codes and Standards | May 30, 2017
OSHA suspends electronic injury, illness reporting requirement
The agency is keeping records from being publicly disclosed—for now.
Codes and Standards | May 30, 2017
Florida preparing to adjust to new building elevation requirements
New floodplain maps and state code changes loom.
Codes and Standards | May 30, 2017
Heated debate over whether Calif.’s prevailing wage requirement stymies affordable housing
There’s disagreement around how much pay regulations add to cost of projects.
Codes and Standards | May 25, 2017
Technology is influencing parking requirement codes in new developments
Uber and Lyft make it easier for urban dwellers to live without owning cars.
Codes and Standards | May 25, 2017
Better Buildings Challenge Partners on track to reduce energy usage by 20% in 10 years
More than 1,000 proven solutions are now available on DOE web site.