by Christa DiLalo, Associate Market Director, Research Services
Where is your workforce?
For office occupiers, the future lies in the city. The population of cities is rising much faster than in non-urban areas. As a result, the percentage of the world’s population living in urban areas is growing. This will lead to more jobs in urban environments and greater demand for commercial real estate in these locations.
In 1990, there were 10 global “megacities” with more than 10 million inhabitants each. By 2014, the number of megacities nearly tripled to 28.
Today, over 3.9 billion people live in cities—54% of the world’s population. The urban population is expected to grow by 1.2 billion people by 2030 and by an additional 1.3 billion by 2050, raising the projected proportion of urban-dwellers to 66% by the middle of the century.
The need for office space within cities, and for industrial space around cities, is going to increase exponentially. The workforce of the future is going to be in urban environments, and companies that want to tap into that will need to be in cities as well.
Christa DiLalo is an Associate Market Director and works with the Principal Economist to prepare cutting-edge research about commercial real estate on a national level. Christa also conducts primary research, data-driven analysis, and forecasting for the office and industrial sectors of Northern and Central New Jersey—one of the largest suburban markets in the country—as a critical member of the firm’s New York Tri-State Research Services group.