Wellness real estate is defined as “commercial, institutional, and residential properties that incorporate wellness elements in their architecture and amenities,” according to the nonprofit Global Wellness Institute (GWI).
GWI explained that throughout the past few years the wellness real estate market has seen exponential growth, even with the pandemic.
“The pandemic fueled the shift in the real estate and construction industries toward wellness: from 2019-2020, wellness real estate continued to grow by over 22%, even as overall construction shrank,” the organization reported.
GWI held their annual Wellness Real Estate and Communities Symposium this week in New York where they discussed the market as it currently stands, and ways to continue to expand and improve it.
“The wellness real estate market as a continuing opportunity, driven in part from lessons learned during COVID. Doctors, architects and wellness professionals have come together to introduce preventive medicine intentions into the way we design the built environment as a preventative medicine tool,” shared presenter and sponsor Paul Scialla, CEO of wellness technology firm Delos.
“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.”
The US and China alone account for 60% of the overall total wellness real estate market. GWI estimates that there are more than 2300 wellness projects worldwide in various stages of development and completion; three years ago that number was around 740.
GWI attributes the growth in the industry to many factors, including many brought on by the pandemic; “stress, loneliness, remote work and an increasing eco-consciousness in the public sphere.”
“The pandemic has definitely brought the wellness real estate concept more into focus. COVID forced us to see our homes and built environment in a radically new light. Wellness real estate is now quickly moving from elective to essential.”
According to GWI vice president of research and forecasting, Beth McGroarty, the pandemic drove trends in wellness real estate thanks to a multitude of factors, such as advanced technology, remote working procedures, and affordability depending on the area.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at email@example.com.