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 | Sep 7, 2021
Boston turns to developer fees to fund flood protection infrastructure
Assessments on commercial properties will help build seawall and other protective measures.
Codes and Standards | Sep 3, 2021
Low-cost methods can have substantial impact on reducing embodied carbon
Whole-building design, material substitution, and specification strategies can slash carbon by up to 46%.
Codes and Standards | Sep 2, 2021
Case for power resiliency in buildings grows with more disaster and outages
Essential businesses like data centers, hospitals are first adopters of new storage systems.
Codes and Standards | Aug 31, 2021
UK industry group wants mandatory whole-life carbon assessments of buildings
Aims to address hidden emissions embedded in supply chains.
Codes and Standards | Aug 31, 2021
Home electrification will require code upgrades
Residential electric panel capacity must be increased.
Codes and Standards | Aug 30, 2021
Facebook’s new $800 million Arizona data center to save big on water
Will restore more than 200 million gallons of water per year to river basins.
Codes and Standards | Aug 26, 2021
California may require solar on new high-rise residential and commercial buildings
State energy commission approves proposal; Could become law in 2023.
Codes and Standards | Aug 25, 2021
Study finds racism, discrimination common in construction industry
NIBS to share best practices with industry leaders to improve worker treatment.
Codes and Standards | Aug 24, 2021
White paper addresses insulated metal panel specifications for roofs and walls
Pertains to provisions of the National Building Code of Canada.
Codes and Standards | Aug 24, 2021
KTGY releases free resource to reduce carbon footprint in multifamily developments
Helps navigate Denver Green Code measures—a series of voluntary codes.