America is growing older. According to the U.S. Census Bureau’s National Population Projections, in the next few decades, 1 in every 5 residents will be older than age 65, a number that will outpace those younger than 18. This will be a first for the nation and will undoubtedly have an effect on our economy. But, it also opens opportunities in commercial real estate, namely for senior living developments.
Plaza Companies has been one of Arizona’s leading commercial real estate firms for almost 40 years. One reason for this is our extraordinary insight on real estate trends that help to meet your business’s needs. Our commercial real estate expertise is one of the many reasons investors come to us for innovative solutions. Read our article below to learn how senior developers are focusing on trends to ready themselves for the future.
Senior Living Developers are Putting a Heavier Focus on Location
Traditionally, senior communities were located outside of urban environments and in more suburban areas. However, many older adults, especially the older portion of the baby boomer generation, don’t wish to give up all of the conveniences and activities associated with living in city limits.
Many of these residents feel there is a certain energy that comes with living in a more active community. It not only promotes a sense of community for these residents, but helps them feel younger, gets them active in socializing and getting into healthy routines, and allows them to feel more independent.
Technology is Becoming a Key Component for Senior Living Properties
According to McKnight Senior Living, future demand means technology-enabled spaces for both staff and residents. While this trend isn’t anything new, it will become more apparent as the years go on and as tech becomes more innovative. Right now, senior living developers are taking things like internet connections, software and hardware needs into consideration when creating indoor and outdoor spaces. Additionally, wearable technologies that include activity trackers and heart rate monitors, rooms equipped with smart utilities, remote monitoring, voice-activated systems, and in-house channels are important for future residents’ comfort and convenience.
Senior Living Developers Are Moving Towards More Resort-Style Living
In addition to technology and location demands, older adults are expecting the same level of comfort they experienced in their family homes. They’re seeking more boutique offerings that focus on unique experiences as opposed to a one-size-fits-all model.
While independent living properties offer full kitchens, today’s senior facilities also feature multiple on-site restaurants, ranging from 24-hour delis to fine dining. Additionally, many offer full-service spas, beauty salons, indoor and outdoor swimming pools, game rooms, wine cellars, hallways lined with rotating exhibits of original art, high-end furnishings in public spaces, dog parks, and electric vehicle charging stations.
Saying the COVID-19 pandemic has changed how we engage with our communities is an understatement. It’s changed everything. When it comes to senior living, COVID-19 made it hard for facilities to promote a sociable environment due to the spread of the virus. Many residents relied heavily on Wi-Fi programs to stay connected with staff and other residents, get access to daily exercise and educational classes, and allow them to order food that would be delivered to their apartments.
As a result, many senior living developers are incorporating more flexible ways facilities and their staff can care for their residents. This includes more outdoor activities, new technology such as touchless fixtures, automatic doors, and more sanitizing stations throughout the property. Moreover, they’re investing heavily in more state-of-the-art indoor air quality systems so residents benefit from cleaner air.
Plaza Companies is Arizona’s Leading Senior Living Developer
Whether you’re looking to expand your real estate portfolio or find the perfect spot for your business, Plaza Companies is the go-to choice for commercial real estate services. Our expertise includes everything from property management and development to brokerage services, and we’re proud to be one of the best in the Valley. Contact us today and one of our representatives will be in touch with you as soon as possible.