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 | Jun 29, 2020
Mandated building retrofits are necessary to meet climate crisis
Performance standards could greatly reduce GHG emissions.
Codes and Standards | Jun 29, 2020
New buildings can fall short of designed performance
Similar structures can produce different energy usage results.
Codes and Standards | Jun 25, 2020
Arc offers tools, analytics for safe workplace re-entry
Platform helps sustainability teams to collect data, benchmark progress, measure impact, and improve performance.
Codes and Standards | Jun 24, 2020
New API enables design and construction technology platforms to connect
Construction Specifications Institute offers “digital classification engine.”
Codes and Standards | Jun 23, 2020
State lawmakers encouraging transition to heat pumps for building heating
Policies aim to replace gas heaters with electric units.
Codes and Standards | Jun 22, 2020
Natl. Renewable Energy Labs, Cold Climate Research Ctr. team up on extreme weather research
Focus on renewable power, sustainable transportation, energy efficiency, and energy systems integration.
Codes and Standards | Jun 19, 2020
Demand for family rentals expected to jump over next few years
Developers’ focus on single, urban millennials leaves family market underserved.
Codes and Standards | Jun 17, 2020
AIA offers retail and office 3D models for reducing risk of COVID-19 transmission
For modifying stores and offices with 17-point architectural, engineering, and administrative framework.
Codes and Standards | Jun 17, 2020
Santa Fe is second city in the world to achieve LEED v4.1 Gold
New Mexico community gained credits for resilience planning, including public health crises.
Codes and Standards | Jun 15, 2020
NSF International’s Checked by NSF program helps businesses reopen safely
Includes third-party validation of COVID-19 preventive measures.