MDNews - Central New York

ACCORDING TO THE U.S. CENSUS BURE AU, AN ESTIMATED 78.3 MILLION AMERICANS WERE BORN BE T WEEN 1946 AND 1964. INDIVIDUALS BORN DURING THAT PERIOD ARE COMMONLY REFERRED TO A S "BABY BOOMERS." BABY BOOMERS REPRESENT nea rly a third of the population in the United States. A few yea rs a go, I hea rd that approximately every 8 seconds, a baby boomer turns 50. I would have never t hou g ht t h a t w a s a c c u r a t e , u nt i l I researched the statistics for this column. In 2014, approximately 14.5 percent of the U.S. population was 65 years old and older. After learning this data, it has been no surprise to see the construction boom in senior housing across the countr y. Traditionally, Central New York lags the nationa l rea l estate trends, but we have seen approximately a ha lf dozen new construction projects in the past year. As the focus of hea lthcare providers veers toward a new continuum of care model, construction will certainly continue. Senior housing is broken down into severa l di©erent categories: indepen- dent liv i ng, a ssisted liv i ng, nursi ng and skilled nursing, and memory care. According to the Nationa l Investment Center for Seniors Housing & Care (NIC), there has been steady positive grow th in both occupa ncy a nd constr uction in this sector over the yea rs. I see the desi re to live in today 's v ibra nt a nd fulfilling retirement communities as a much better alternative to "downsizing" your home to a one-stor y ranch where the highlight of your day is watching your favorite television show. In the past, when most people pictured senior housing, the thought that came to mind was typically a run-down institution where the elderly were all in wheelchairs playing bingo in the recreation room. It certainly was not a place that most end up in by conscious volition! Whether it is stubbornness, pride or even nostalgia, leaving your home for senior housing can be diªcult decision to make. However, it is not as preva lent when it comes to considering a modern-day facility. As the popu lation continues to a ge a nd housing becomes more lucrative, savvy businesses are creating more ways to generate profit by increasing the qual- ity of life. By designing more desirable facilities, developers are attracting more, and younger, residents. Couple that with the fact that people are living longer and transitioning to these living quarters earlier, and it is no surprise that there is such an increase in construction. A fair comparison would be to imagine the increased profit a hotel would recognize if the number of guests increased and so did their length of stay. It is no longer just about the hea lth- care service, but it a lso incorporates a hospita lity aspect as well. Let's face it, nobody wants to trade a memory-soaked home that they ra ised their fa mily in for the majority of their adult lives to move into a ding y "old folks" home. It is a much easier and willing transition when people can feel like they are on a permanent vacation at a four-star resort. One of the ways these facilities a re increasing their occupancy numbers is by making it more attractive for people to live there. As new projects are being built a nd renovated, the ser vices a re being increased drastica lly. Outdate dormi- tory style rooms have been replaced by bigger, more attractive accommodations. The institutiona l-style cafeterias have been replaced by restaurant-like settings with upg raded menus. Residents a re engaged in multidimensional programs that include a variety of exercise classes and access to neighborhood fitness clubs, a s wel l a s spir it ua l a nd educationa l oppor tunities. Like a ny other ty pe of real estate, it is all about location! Many new developments under construction are situated in rural areas with park-like settings close to shopping, banking and numerous other a menities. In recent yea rs, ou r com mu n it y ha s seen t he urban tower-style apartment buildings transition to garden-style apartments in the suburbs. Senior housing facilities are no longer those places you're stuck as your life comes to an end, but rather places where you enjoy the next chapter of your life. Brian M. Balash, CCIM, is a Real Estate Salesperson specializing in medical and corporate real estate at Pyramid Brokerage Company, a Cushman & Wakefield Alliance Partner with 10 oces across upstate New York. Balash is a Director of Cushman & Wakefield's Healthcare Specialty Practice Group. The Healthcare Specialty Practice Group is a national platform of real estate professionals specializing in various sectors of the healthcare industry such as leasing, acquisition and disposition, and manage- ment of highly integrated, state-of-the-art medical facilities and senior housing. For more information, Balash can be reached at bbal a sh@ p yramidb roke ra ge .co m or 315-445-8506. ■ T he Golden Years BY BRIAN M. BALASH, CCIM of Construction 1 2❱❱❱❱❱ R E A L E S TA T E

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