The Impact of the Wellness Boom on Global CRE
2 min read
Commercial real estate is being transformed as health and wellness continue to gain global momentum. The rapidly growing interest in health and wellness is increasingly evident, particularly among Millennial and Gen Z consumers. A recent report indicates that 70% of Canadians are now more conscious of their health than in previous years, demonstrating how wellness has become a top priority in many people’s daily lives. In 2023, the global wellness market reached $6.32 trillion, with North Americans spending over $5,000 annually.
This recent shift is reshaping consumer behavior and driving significant changes across the CRE landscape.
Health and wellness have become a priority not only for consumers but also for the CRE world. Real estate wellness refers to spaces that are designed to support the health of its residents, tenants, and customers. The projected growth of real estate wellness is heavily influencing the design of new developments across all CRE sectors, including mixed-use, office, residential, retail, and hospitality.
With the rise of the hybrid work model, highly amenitized Class-A office buildings are encouraging employees to return to the office. Wellness-inspired amenities and spaces are a key consideration, including improved air quality, natural light, green spaces, fitness studios, self-care services, healthy food options, and ergonomic workspaces.
The increasing concern for health and wellness drives a shift towards wellness-focused environments where consumers live, work, eat, and play. As the global wellness market expands, the CRE landscape must incorporate wellness amenities in its designs to align with consumers’ evolving preferences.
References
Dialogue. (2023). Environics Research: Canadian perspectives on Health, Wellness, and employee benefits. https://www.dialogue.co/en/2023/canadian-perspectives-on-health-wellness-and-employee-benefits
Ramesbottom, L. (2024, November 20). Is the Wellness Boom Reshaping Global Commercial Real Estate?. Is The Wellness Boom Reshaping Global Commercial Real Estate? | Altus Group Insights. https://www.altusgroup.com/insights/is-the-wellness-boom-reshaping-global-commercial-real-estate/
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