By: Chuck Sudo | Senior Housing News
Senior living owners, developers, and operators have found success in recent years repurposing a variety of seemingly obsolete buildings into senior housing, from schools to shopping malls to traditional apartments.
Now, adaptive reuse is gaining even more momentum as a senior living development route. Developers are seeking out adaptive reuse opportunities as construction materials and labor costs continue to climb, and global supply chains remain disrupted by Covid-19. The right building can be cheaper to renovate into senior housing, compared to developing a new community, and can be brought to market sooner.
Furthermore, office and hotel performance continues to lag due to pandemic-related pressures, which may result in future opportunities to build senior housing that meets growing demand.