The results of Perkins Eastman’s nationwide survey, The State of Senior Living Development: Moving Forward are in, and the findings showcase a need for action, innovation, and focus on holistic wellness.
In July of this year, to gain a broader perspective of where the industry-at-large is heading, Perkins Eastman queried CEOs and development leaders of for-profit senior living companies, including Ryan Companies, Sunrise Senior Living, and Trammell Crow Company, among others.
The survey was undertaken to assess the impact of COVID-19 on senior living development in 4 areas: the market, finance, construction costs, development opportunities or issues, with the opportunity at the end to provide clarifications and further thoughts.
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In general, company leaders believe the market will remain strong. Management is addressing changes to their development plans in light of COVID-19, conscious that seniors are now factoring the pandemic and future health crises into their residential considerations.
Financial markets will become more discerning and focus on proven developers who have relationships with strong operators. It is likely construction costs may decrease in the short-term in some regions but likely level off or increase due to other factors long-term.
Overall, developers are optimistic and resourceful, seeing COVID-19 as a driving factor that will bring about new and innovative approaches to senior living development. To download the full survey report, follow this link: http://www.perkinseastman.com/white_papers.
The State of Senior Living Development: Moving Forward survey is an augmentation of Perkins Eastman’s traditional survey of non-profit senior living providers, which the senior living practice area has compiled for the last 10 years. Perkins Eastman published the 2019 non-profit survey in January 2019, and will publish their next in April 2021.