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 | Dec 8, 2021
Proposals to add more multifamily to Atlanta prompt drive for Buckhead to secede
City aims to increase housing as projections point to sharp population increase.
Codes and Standards | Dec 7, 2021
Design problems now the primary cause of construction claims and disputes
More likely to occur due to more tight timescales imposed upon third parties engaged in design.
Codes and Standards | Dec 5, 2021
New standard for Phase I environmental reports requires more research work on many sites
Update affects around 250,000 commercial real estate transactions a year.
Codes and Standards | Nov 30, 2021
Dept. of Energy publishes RFP for technical assistance on supporting better building codes
Addresses advanced standards to reduce energy consumption and GHG emissions.
Codes and Standards | Nov 29, 2021
Ithaca, N.Y., votes to electrify, decarbonize all its buildings
First initiative of its kind in U.S.
Codes and Standards | Nov 29, 2021
FAA seeking design of air traffic control towers of the future
Call for design submissions for safe, efficient structures.
Codes and Standards | Nov 28, 2021
Efficient electric water heaters in multifamily buildings significantly reduce carbon emissions
In buildings with 5+ units, water heating uses more energy than space heating, cooling, or lighting.
Codes and Standards | Nov 23, 2021
New York’s Labor Law Section 240 and how it affects general contractors
The ‘Scaffold Law’ was first enacted by the New York State Legislature in 1885 and is one of the single most-used laws in construction accident cases.
Codes and Standards | Nov 22, 2021
ABC’s Construction Technology Report finds focus on solving operational problems
More than half rely on project management software.
Codes and Standards | Nov 22, 2021
Contractors say 811 utility location system has significant flaws
More than half of firms in survey report damages, near misses because lines were unmarked or marked incorrectly.
