CE Pro November 2021 - 10

Wellscapes
HEALTHFUL LIGHTING | AIR | WATER | SOUNDS | ECOSYSTEMS
Research Validates
Recent Wellness
Real Estate Boom
Data from Global Wellness Institute
surveys pandemic impact on
opportunistic wellness market, with
about 3x more in-progress residential
projects than in 2018. By CE Pro Editors
HERE'S SOME GOOD
NEWS for integrators already
involved in the burgeoning
wellness category: The
Global Wellness Institute
(GWI) recently unveiled
new data for the wellness
real estate market revealing
extraordinary recent growth.
In its latest report, " Wellness
Real Estate: Looking Beyond
COVID-19, " the nonprofit examines
the data and growth
of the market from both
2017-2019 and 2019-2020
(capturing the pandemic
effect) while also forecasting
key shifts that will define the
market post-pandemic.
The GWI defines wellness
real estate as the construction
of residential and
commercial/institutional
properties (including office,
hospital, mixed-use/multifamily,
medical and leisure)
that incorporate intentional
wellness elements in their
design, materials and building,
as well as their amenities,
services and/or programming.
" The pandemic has
10 | CE Pro November 2021
driven the idea of 'building
for human health' into the
mainstream consumer consciousness,
and the recent
market growth far exceeded
our predictions, as well as
general economic growth
trends, " says Ophelia Yeung,
GWI senior research fellow.
Seven countries - the
U.S., China, Australia, U.K.,
Japan, France and Germany
- account for 82% of the
wellness real estate market
with the U.S. and China
alone comprising roughly
60%. But the full data on
the top 20 markets reveals
striking 2017-2020 growth
across the board.
From 2017-2020, the
global market grew 22% on
average annually, expanding
from $148 billion to $275
billion. Even prior to the pandemic,
wellness real estate
is shown to have had a 23%
uptick each year compared
to the 5.4% growth of
general construction. As the
pandemic began to settle
in, the market maintained a
GWI notes the residential real estate sectors seeking wellness
tech include MDUs, planned communities, mixed-use
properties and others.
steady growth rate of over
22% even as construction
dwindled by -2.5%.
Japan (360% growth) and
Canada (240% growth) are
standouts, while the U.S.,
China, U.K., France, Netherlands,
Denmark, Switzerland,
Singapore, Norway, Italy and
Finland essentially doubled
their markets.
A far more diverse project
pipeline has emerged. At
the beginning of 2018, the
GWI identified 740 wellness
residential projects. Now,
the conservative estimate
GWI gives is around 2,300
wellness projects worldwide
either built, partially built, or
in development.
These wellness living concepts
are being developed in
all types of residential projects:
master-planned communities;
multifamily projects
(apartments, condominiums);
urban districts and mixeduse
projects; resort/spa/hospitality-based
wellness real
estate; affordable/subsidized
housing; and other wellness
concepts based on eco-communities,
co-living, senior
living, and more - taking an
increasingly dizzying number
of " wellness angles. "
" So many macro forces
- our fast-aging world, our
stress and loneliness crises,
the rise of remote work, a
consumer demanding more
sustainable living - means
the growth trajectory for
wellness homes and building
design will only rise, " says
Katherine Johnston, GWI
senior research fellow.
She adds, " Wellness real
estate is now quickly moving
from elective to essential "
due to COVID.
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CE Pro November 2021

Table of Contents for the Digital Edition of CE Pro November 2021

CE Pro November 2021 - Presentation Page
CE Pro November 2021 - Cover1
CE Pro November 2021 - Cover2
CE Pro November 2021 - 1
CE Pro November 2021 - 2
CE Pro November 2021 - 3
CE Pro November 2021 - 4
CE Pro November 2021 - 5
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