CREJ

April 2018 — Health Care Properties Quarterly — Page 23 www.crej.com W hether you are an inves- tor, developer, tenant or manager, you cannot help but notice the myriad changes in the wind for all things “senior.” Seniors are a huge economic priority in both the public and private sector and clearly appear to be “the next big thing” in many areas of U.S. life and economy. The “business of seniors” and the vast aging popula- tion has become a key policy focus from federal to state to local gov- ernment. Pull up city planning or city council agendas in your locale, and often you will find numer- ous discussions on new develop- ment permit requests for senior- related housing or services, fiscal discussions over seniors needing increased community services, or various city/county reports on the overall impact seniors are having on local economies. For many of us who already work with the aging population in hous- ing and health care, news from our state and federal lawmakers also is filled with agendas about pay- ment or policy proposals for senior needs and costs. On a personal level, it is very common these days to have regu- lar conversations with co-workers and friends who are addressing care and housing needs for an elder relative and feel lost in the maze of choices, funding and paperwork. The good news is that choices and quality resources for seniors abound and consumers know it! New entrepreneurial models of housing and care options are emerging faster in this part of our economy than almost any others except technology. The coming wave of seniors will be looking for a wide array of housing options, as shared by market studies conduct- ed by PricewaterhouseCoopers and the Urban Land Institute. The creative juices are flowing from all areas of the economy for potential products seniors may need or want as they age. Just in the last month, senior housing publications have featured the success of Jimmy Buffet’s Latitude Margaritaville 55-plus active adult mixed-use community in Daytona Beach, with its golf-cart friendly environment, fitness center, retail area, arts and learning programs, band shell for live music, private beachfront club for residents, and indoor and outdoor dining with signature Margaritaville flair. Cruise ships also are being show- cased as a housing option for seniors. One company, Storylines, is planning to serve retirees look- ing for something beyond a typical active adult or independent living community by enabling them to live at sea, aboard a fully equipped cruise liner. Storylines offers an ocean liner with condos that can be purchased, with plans to set sail in 2020. These are just two of thou- sands of innovations being planned for tomorrow’s seniors. So what does this mean for those of us in the Colorado housing and health care market? It clearly means we need to agilely listen and respond entrepreneurially to changes in demographics, com- petition, innovation and policy. We need to look outside our own backyard, even internationally, to pursue the “next big thing” that sets us apart in a very competitive but opportunistic Colorado senior housing and health care market, fostering creativity and consumer- ism as we plan our communities and services. s The business of seniors is the next big thing Senior Housing & Care Nancy Schwalm Chief business development officer and strategist, Vivage Senior Living The ‘business of seniors’ and the vast aging population has become a key policy focus from federal to state to local government. New entrepreneurial models of housing and care options are emerging faster in this part of the economy than almost any others except technology.