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 | Oct 19, 2021
Pittsburgh enacts first-in-the-nation “Dark Sky Lighting” law
Applies to all city parks, facilities, and streetlights.
Codes and Standards | Oct 15, 2021
New Calif. law mandates use of lead-free plumbing fixtures
Must meet NSF/ANSI/CAN 61-2020 in 2023.
Codes and Standards | Oct 14, 2021
Building industry leaders urge governments to boost emissions reductions targets
Scores of large AEC firms and organizations sign letter to UN’s COP 26 group.
Codes and Standards | Oct 13, 2021
FEMA’s new flood insurance plan will sharply raise insurance costs for seaside properties
Risk Rating 2.0 will have more accurate assessment of flood risk.
Codes and Standards | Oct 12, 2021
Three new laws expected to spur more affordable housing in California
Trio of measures could aid carbon reduction in built environment.
Codes and Standards | Oct 11, 2021
New program to promote mass timber construction launched in Boston
City’s planning and development agency to award grants for projects in early-stage planning.
Codes and Standards | Oct 6, 2021
Intl. Code Council publishes EV and building codes resource
Assists communities in setting policies for electric vehicle charging requirements.
Codes and Standards | Oct 5, 2021
Feds award $1 billion to renovate health centers
Funds will modernize existing infrastructure and cover other COVID-19-related capital needs.
Codes and Standards | Oct 4, 2021
Boston City Council approves mandate for major emissions cuts for large buildings
Applies to buildings 20,000 sf or larger—about 4% of city’s buildings.
Codes and Standards | Oct 4, 2021
HPD Collaborative and Green Seal to align standards
Will result in expanded options for manufacturers to enhance sustainability reporting and certifications.