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
| Apr 5, 2012
LEED 2012 will include new requirements for data centers
The U.S. Green Building Council’s updated LEED 2012 standards will require two systems to be modeled for each project in order to show power utilization effectiveness.
| Mar 30, 2012
CSI webinar: Durable & energy efficient building envelope design, April 24
This seminar will review recent changes in North America energy codes, examples of building enclosure wall assemblies being considered for code compliance, potential moisture management and durability challenges, and design tools that could be used to assess and minimize potential problems.
| Mar 30, 2012
Improved construction that followed seismic codes helped avert loss of life in Mexico temblor
A magnitude-7.4 earthquake that shook Mexico from Mexico City to Acapulco damaged hundreds of homes and sent thousands fleeing from swaying office buildings, yet no one was killed, according to early reports.
| Mar 30, 2012
Chicago may allow people to live in retail spaces
The Chicago City Council’s Zoning Committee approved a zoning change that will allow up to 50% of work space in low-intensity business districts to be used for living space.
| Mar 30, 2012
LEED growing fast in the housing rental market
Last year, developers of 23,000 U.S. multifamily housing units applied for LEED certification.
| Mar 30, 2012
Forest Stewardship Council critical of proposed LEED 2012 changes
According to the Forest Stewardship Council (FSC), the third draft of LEED 2012, if approved as written, would represent a step backward from the current Certified Wood Credit.
| Mar 22, 2012
Symposium on water efficiency: How much more water can be saved?
The Third International Emerging Technology Symposium by IAPMO and the World Plumbing Council features a session on water efficiency.
| Mar 22, 2012
Broker doesn’t have to inform contractor that insurer went broke, California court rules
A California appellate court ruled that an insurance broker did not have a duty to inform a subcontractor that a project’s insurer had gone bankrupt.
