The research conducted by the Global Wellness Institute finds the coronavirus epidemic has affected the market for wellness which has approximately 2,300 wellness-related real estate developments currently being developed.
There’s good news for integrators currently engaged in the rapidly growing wellness segment There’s a new report from the Global Wellness Institute (GWI) recently released new information on the market for wellness real estate showing remarkable growth in the last few years. In their most recent study “Wellness Real Estate: Looking Beyond COVID-19,” the non-profit examines the growth and data of the market in 2017-2019 in addition to 2019-2020 (capturing the effects of the pandemic) as well as forecasting the key changes that will shape the market following the 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 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.
Between 2017 and 2020, the world market increased by at an average rate of 22 growing between $148 and $275 billion. Prior to the outbreak the wellness real estate market has been proven to have an increase of 23% each year, compared to 5.4 percent growth in general construction. As the pandemic began get under control the market continued to show an average increase of 22%, even though construction decreased by -2.5 percentage.
Japan (360 percent expansion) as well as Canada (240 percent growth) are the most notable, and they are followed by the US, China, UK, France, Netherlands, Denmark, Switzerland, Singapore, Norway, Italy and Finland have effectively doubled their markets.