Wednesday, May 2, 2012
Is CRE Prepared for Senior Housing Boom?
a New York Times Article, “Demand for nursing homes, assisted-living facilities and retirement communities is expected to balloon in the next two decades as baby boomers retire and the incidence of progressive illnesses like Alzheimer’s disease increases. The number of Americans over the age of 65 is expected to double to 71 million by 2030, and 7.7 million of them will suffer from Alzheimer’s.”
The Kansas City market is no exception to the overall increase in demand for senior living centers. In January of this year, Hunt Midwest Real Estate Development, Inc. announced plans to build an 80-bed assisted living facility at the site of the former Somerset Elementary School in Prairie Village at the intersection of Somerset Drive and Belinder Avenue.
There are also opportunities to find success in other sectors that cater to this Baby Boomer market, like tenant representation for medical professionals and retail near senior housing developments. CRE brokers and property managers need to be prepared in dealing with this growing demand.
Block Real Estate Services