Professor Éamonn D’Arcy Professor of International

Transcript:Professor Éamonn D’Arcy Professor of International:
Professor Éamonn D’Arcy Professor of International Real Estate Redefining Real Estate – The impact of Global Megatrends What are Global Megatrends? How are Global Megatrends Redefining Real Estate Some Thoughts on the Future 2 Agenda 1. Global Megatrends A key feature of economic development over the past four decades has been the evolution of what have been commonly termed ‘Global Megatrends’ as broad drivers of structural change which have impacted patterns of economic and social development on a global basis they have reshaped business sectors, driven innovation and triggered significant changes in corporate behaviour likewise, they have changed human behaviour as we all respond to the structural changes in economies and societies they have brought about 3 Internationalisation and Shifting Economic Power A long-standing global megatrend has been the internationalisation of economics activities both manufacturing and services Shifting economic power with the rise of China, India and Africa. China is now the world’s second largest economy and India the fifth largest. In the second decade of this century six of the top ten growth economies in the world were in Africa. 4 Demographics and Technology Shifting demographics are a very important global megatrend ageing populations demographic groups reflecting age (Millennials, Gen Z), gender, occupation etc. key catalysts of change in the economy and society An omnipresent megatrend is technology, and we are beginning to see its very profound impacts on human behaviour both in consumption and production. We can examine any number of its manifestations such as AI (including generative AI), Blockchain, Digital Connectivity and of course the much-debated Metaverse. 5 Cities and Climate Change With over 60% of the world's population predicted to live in cities by 2030, inevitably a focus on the city as a key unit of economic and social development has been part of the megatrend discussion. the analysis of cities as talent clusters, as magnets for global capital, smart city hubs of technology and in some cases as global gateway cities. A further and some would suggest the most important global megatrend of the past decade has been the impact of climate change and resource scarcity. global action designed to save the planet increased focus on sustainability and concepts such as ESG (environmental social and governance) goals related to the achievement of carbon neutrality. 6 Being Ethical – EDI A final and less tangible global megatrend has been a greater awareness about the need to