CHICAGO—The senior population is growing and, increasingly, gravitating to the rental lifestyle. The number of Americans age 65 and older increased from 35 million in 2000 to 49.2 million in 2016, and experts predict this generation will live longer than previous ones, fueling an unprecedented housing boom that will also bolster other property types like medical office.
“It's not just millennials,” Jeff Berta, senior director of real estate development at Chicago-based Structured Development, tells GlobeSt.com. “Baby boomers are selling their homes and moving into rental housing,” usually clustered around urban cores. “With that comes the need for medical office space that is modern and accessible.”
In 2015, Structured Development completed NEWCITY, a 565,000-square-foot mixed-use center that includes 30,000 square feet of medical office space, along with a grocery store, numerous shops and restaurants, a movie theater, bowling alley and adjacent residential tower.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
