September 2016 — Health Care Properties Quarterly —
Page 17
Senior Housing & Care
clean environment, with
only smells of cooking. I
would like activities to chal-
lenge the brain, outside
adventures and exercise
classes. The staff would
need to be caring and inno-
vative with new ideas to
keep residents active. Meals
would be an important deci-
sion maker.
Cindy
I would like to share a
home with friends to sup-
port each other and pool
funds so when more care is
needed we can hire live-in
caregiver(s). We each get a
private room and bathroom
with shared common spaces
like kitchen, living, dining
and outdoor areas, prefer-
ably near water. Just easy
and comfortable – nothing
fancy or high end – with a
garden to provide vegetables,
chickens and maybe goats,
which we can all take care
of.
Felicia
Q:
When looking ahead,
is there an age or timeframe
within which you think you
will consider moving to a
senior living community?
It will all be based on my
and my spouse's physical
and mental abilities – no
particular age or time. It will
be the state of our bodies
when we can’t or no longer
want to care for our home
and ourselves. We will be in
denial (again) until that day
arrives.
Gary
If you’re talking about a
housing community that’s
geared towards seniors,
70-plus. If you’re talking
about a retirement commu-
nity with assisted living, etc.,
80 to 85.
Dan
If I needed assisted living,
I would try to have a skilled
care center connected to
it because there would be
less adjustment involved. In
both the assisted living and
skilled care, I would want a
very good activities director,
who would not only arrange
for special programs but also
arrange for Bible classes,
church service, card games
and exercise classes. I’d also
want to haveWi-Fi/cable in
every room. I’d want a care
center van service to take
people to doctor appoint-
ments, etc.
Carol
Age is not important, just
when the mind goes and
there is no awareness or qual-
ity of life.
Louise
I think about it in terms
of need. I would consider
moving to a senior living
community if it was obvious
that I had reached a point in
life where I could soon hurt
myself or others because of
mental or physical limita-
tions. I might consider it
earlier if a senior living facil-
ity engaged me somehow,
opened my mind to consider-
ations I hadn’t thought about
before and I liked the place.
Bill
Actually, depends if I ever
remarry and what kind of
health I’m in. If my health
goes south it would sooner.
Additional thoughts: Hon-
estly, not sure I could do a
communal environment.
Never really been like me,
but maybe my consideration
would change if I needed a
place for care. Probably some-
thing comforting by being
around others in similar
point in life. I do know being
around other believers would
be key for me.
Justin
I do not have a target age
but to maximize the benefits
and the friendships, it helps
to move when one is still able
to enjoy the offerings and
make friends.
Diane
My mother moved in at
age 87, which should have
been earlier. I took care of
her while dementia set in.
Depends on my state of mind
and health as to when I will
move. Also depends on the
living situation. I would not
want to live alone with physi-
cal or mental issues.
Cindy
I don’t want to wait until I
have no choice – it makes the
transition harder. I'll be 64
when my youngest graduates
from college. I want to work
as long as I can - God willing.
And it’s finding the friends
who want to join me in this
venture! Too many variables
to target a specific time-
frame.
Felicia
s
“This
quarter’s
article
takes a
look at
what
baby
boomers
are think-
ing about
in terms
of senior
living
options
for them-
selves,
and very likely reflect
the considerations of the
broader population of
boomers, including many
of us. Enjoy!”
MODERATOR
Hayden D.
Behnke
Broker associate
Pyms Capital
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SM
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medical office buildings,
many of which have been
very successful with their
leasing efforts in the past
year,” said Fasing. Overall
direct asking lease rates
reached $27.31 per sf FSG,
a year-over-year increase of
25 cents per sf. On-campus
direct asking lease rates
declined by $1.05 per sf
year over year to $29.22 per
sf FSG, while off-campus
direct asking lease rates
increased to $26.35 per sf
FSG, up 65 cents per sf year
over year. As a comparison,
direct asking lease rates in
general office increased to
a record $25.23 per sf FSG,
a 4.4 percent increase year
over year.
Investment trends.
Invest-
ment activity remained
strong through the first
half of 2016 as $38.8 mil-
lion transacted in Denver’s
medical office market, an
increase of $6.8 million in
sales volume from the first
half of 2015. University of
Colorado Health’s acquisi-
tion of 311 Steele St. in the
Cherry Creek submarket
for $8.4 million, or $538.47
per sf, from Oberndorf
Properties marked the larg-
est transaction so far this
year. Additionally, Catho-
lic Health Initiatives sold
Thornton Neighborhood
Health as part of a portfolio
for $6.4 million, or $596.26
per sf, marking the highest
unit price in the first half
of the year. Transaction vol-
ume is expected to increase
overall in 2016.
Market outlook.
The medi-
cal office market experi-
enced healthy growth in
key fundamentals such
as investment sales vol-
ume, net absorption and
increased lease rates.
Despite new administra-
tion rules of the Affordable
Care Act, medical facilities
and offices are in demand
with a much higher volume
of patients. Demand from
physicians and other health
care users remained strong
due to healthy employ-
ment growth in health care
and favorable demographic
trends affecting the metro
Denver area. Also, aging
baby boomers, one of the
largest segments of the
U.S. population, is creat-
ing a much larger pool of
patients that are heavily
dependent upon health care
services. To keep up with
demand, health providers
and outpatient services are
moving closer to end-users.
As result, many urgent
care centers are attracted
to retail space for higher
visibility and accessibility
to existing and potential
patients.
“Almost every health care
system has stepped into
the urgent care game and
is looking to plant their flag
within neighborhood com-
munities, thereby strength-
ening their brand and cap-
turing market share along
the way,” said Fasing. “They
are looking for highly vis-
ible, A-plus locations with
great signage at the corner
of the best intersections. It’s
a complete retail approach
to health care real estate,
which is historically not as
location focused.”
Denver, which is a leader
in innovative health care
and technology, is expected
to remain at the forefront of
national users’ expansion
plans and capital invest-
ment, which will continue
to result in strong invest-
ment activity in the metro
Denver area. Strengthening
fundamentals and contin-
ued economic progress will
afford new opportunities to
upgrade the health care sys-
tem, allowing investors and
lenders to drive transaction
levels up.
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