[In Arizona], the older age group of 65+ will increase significantly. The proportion of the 85+ age group will more than triple by 2055. – AZ Office oF Economic Opportunity
By Joshua Mann | The Business Journals (abridged)
The high population of the aging baby boomer generation is driving demand for senior-living facilities — a surge that developers are racing to meet.
In North Carolina, for example, the 65-and-older population measures 2 million people today. In the next 25 years, that number is expected to increase by 50%. In the parts of the state with the highest concentration of elderly residents, builders are ramping up their number of age-restricted residential projects.
Senior-living properties are drawing attention elsewhere, as well. Morgan Stanley Real Estate Investing paid $305 million for a senior-housing portfolio spanning three communities near Denver.
“As people age, their real estate needs evolve, and as the first baby boomers are turning 80 this year, demand for senior housing is rising rapidly,” said Will Milam, head of U.S. Investments at MSREI. “We expect this sector to grow nearly 5% annually over the next five years as this population cohort expands.”
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