The Interface Seniors Housing Northeast Conference, held in Philadelphia on November 8th, included a dynamic session called “Getting Good Data: The Impact of Market Studies on New Development and How Projects are Underwritten”. The panelists included Rob Schiller from LCB Senior Living, Lana Peck from the NIC, and two more institutional players, Brian Sunday from AEW and Zach Bowyer from CBRE Valuation & Advisory Services. I moderated the panel, frequently inserting my own thoughts on the various topics we addressed. Some of the takeaways from this panel included the following:
- Penetration rates are predicted to climb as interest in moving to senior housing communities increases. The level of education of a market influences acceptable penetration rates.
- Consumer research is an important element that complements market feasibility studies.
- We need to be more proactive as an industry about promoting the value and benefit of moving to a senior housing option before people are too frail to enjoy the environment.
- Some suggested building new communities in markets where there is a lot of old product.
- There are opportunities in “B” markets where there is less competition.
This session was very well attended and the audience responded enthusiastically. If you would like to hear our entire session, please click play on the audio file above.