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Wellness Real Estate Market Growth and Future Developments 2024
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Wellness Real Estate Market Growth and Future Developments
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Source: Global Wellness Institute (GWI). (2024). Wellness Real Estate: Market Growth and Future Developments.
Authors: Katherine Johnston and Ophelia Yeung
Main Themes:
- Exponential Growth: Wellness real estate is the fastest-growing sector in the wellness economy, reaching $438.2 billion in 2023, representing 2.9% of global construction output. This growth is fueled by a growing understanding of the built environment's impact on health and well-being, further accelerated by the COVID-19 pandemic.
- Beyond Amenities: The definition of wellness real estate is expanding beyond luxury amenities to encompass holistic design principles that address physical, social, mental, environmental, and community wellness. This includes features like air quality, access to nature, biophilic design, and pro-social spaces.
- Key Drivers:Consumer Demand: Increasing awareness of health and well-being drives demand for healthy homes, workplaces, and communities.
- Public Health Strategy: Governments are recognizing the role of healthy buildings in mitigating healthcare costs associated with chronic diseases and mental health issues.
- ESG Investing: Growing focus on the "S" (social) in ESG metrics is driving investment in wellness real estate.
- Climate Change Adaptation: Extreme weather events necessitate climate-resilient features in buildings and communities.
- Challenges:Affordability: A widening gap exists between luxury wellness real estate and housing for the average person.
- Regulatory Barriers: Outdated regulations often impede the implementation of healthier building and urban design practices.
- Building Safety: The prevalence of unsafe and unhealthy building conditions globally poses a significant challenge.
Most Important Facts and Ideas:
- Market Size: The global wellness real estate market reached $438.2 billion in 2023
- Regional Concentration: North America, Asia-Pacific, and Europe account for 99% of the global market, with North America leading at 44%.
- Certification Growth: The number of WELL and Fitwel certified projects has increased over forty-fold since 2017, reaching over 3,300 in 2023.
- Impact of COVID-19: The pandemic accelerated the focus on healthy indoor air, ventilation, and the integration of natural elements into built environments. ("The COVID-19 pandemic has forced us to reckon with how our health is shaped by our built environment").
- Emerging Trends:Mental Wellness Design: Focus on incorporating elements that reduce stress, improve cognitive function, and promote social interaction.
- Planetary Health: Convergence of human health and sustainability principles, driving demand for eco-friendly and regenerative living concepts. ("Interest in planetary health and sustainability is converging with human health and wellness.")
- Healthy Workspaces: Companies are investing in wellness features to attract employees back to the office.
- Call to Action: The report highlights the need for:
- Innovative Solutions: Develop diverse and affordable wellness real estate models to cater to varying needs and demographics.
- Policy Reform: Update regulations to encourage healthier building practices and urban design.
- Industry Responsibility: Prioritize the health and safety of construction workers and address building safety concerns.
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