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
| Aug 21, 2014
Industry groups agree to streamline green building tool coordination and development
Major building industry groups the International Code Council (ICC), ASHRAE, the American Institute of Architects (AIA), the Illuminating Engineering Society of North America (IES), and the U.S. Green Building Council (USGBC) have agreed to collaborate on the development of Standard 189.1, the International Green Construction Code (IgCC), and the LEED green building program.
| Aug 21, 2014
Performance-based zoning: U.S. cities starting to loosen zoning regulations
Driven by New Urbanism, more than two dozen communities in the U.S. have loosened zoning restrictions in recent years.
| Aug 21, 2014
Meeting to finalize amendments to green property underwriting standard
The National Public Meeting for Resiliency + Infrastructure Consensus Underwriting Standard Amendments will take place September 16, from 9 a.m.-12p.m. at Perkins+Will, 1250 24th St. NW, Washington, DC in the World Wildlife Fund Building.
| Aug 21, 2014
American Iron and Steel Institute revises 14 test standards
The American Iron and Steel Institute (AISI) published 14 revised test standards in its S900-series.
| Aug 14, 2014
Mississippi county rejects adoption of state building code
The county board of supervisors voted unanimously to opt out of the state building code.
| Aug 14, 2014
Boards at odds over North Carolina county’s CM-at-Risk policy
Some local small contractors are not pleased with the school board’s CM-at-Risk policy that was instituted in 2007. The county’s board of commissioners has offered a sympathetic ear to their complaints
| Aug 14, 2014
2014 National Electrical Code now effective in 12 states; 11 more to come online by January
The National Fire Protection Association (NFPA) says that the 2014 edition of the National Electrical Code(NEC) is now effective in 12 states: Alabama, Colorado, Idaho, Maine, Massachusetts, Minnesota, New Mexico, Rhode Island, South Dakota, Vermont, Washington and Wyoming.
| Aug 14, 2014
CDC report highlights need for heat acclimatization to prevent worker deaths
CDC supports OSHA’s analysis suggesting that the primary risk factor for heat fatalities is the lack of acclimatization programs.
| Aug 8, 2014
California revives study of earthquake faults
California reinstituted an ambitious plan to study dangerous earthquake faults and create zoning maps that could restrict development.
| Aug 6, 2014
Loudoun County, Virginia may dump green building requirements
Loudoun County, Va., supervisors may do away with a county policy that requires LEED Silver certification on new county buildings.
