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We are entering a decade of seismic demographic change. The Baby Boomers will leave the workforce and Generation X will march ever closer to retirement age, to be replaced by Generation Y (also known as Millennials) and Generation Z as the dominant generations in the workplace. The impacts of this will permeate through all facets of the real estate sector, from the composition of the workforce to how the nature of work changes; from where people live and work to how they shop and relax.
While these trends will take place across countries, their most acute effects will be felt at the city and local levels. In this report, we analyze four key demographic issues: (1) the aging of Baby Boomers; (2) the progression of Millennials through the life course; (3) the difference between Generation Z and Millennials and (4) the impacts on the world’s cities. This report extends a global viewpoint and takes the perspectives of both occupiers and investors to identify opportunities and challenges that will be encountered by 2030.
Keywords: demographic shifts, Gen Z, Millennials, Cushman & Wakefield
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