BPM's Real Estate Insights 2019 Volume 01 | Page 7

said O’Hara-Deveraux. “California has the fastest rate of growth in the senior population out of all states.” That’s because more Americans are already buying homes in tech-centric cities like Seattle and San Francisco, over other urban cities, to be closer to the latest innovations. O’Hara-Deveraux predicts three million more people will live in the Bay Area during the next decade. If medical advancements are one of the keys to Americans living longer, O’Hara-Devereaux expects many independent seniors will buy real estate near hospitals, for easy access to care, and in cities known for advanced research. They will also want excellent internet connectivity. “There are great commercial real estate opportunities in two places in California, due to their concentration of healthcare and health innovation, and those are the San Francisco Bay Area and San Diego,” said O’Hara-Devereaux. “San Diego, due to the former military base presence, has lots of talent, as well as a big biotech industry. We also have a huge presence of both healthcare and bio-pharma industries in the San Francisco Bay Area.” Since millions of people are expected to move into the already crowded San Francisco Bay Area, investing in high-density housing developments is worthy of research. Other real estate investment opportunities may be found in large cities with commercial buildings that have the prospects of becoming research labs and outpatient treatment centers to accommodate the future surge of seniors. “When people get old, they need more healthcare,” she said. “So you're going to see housing and transportation built near and around anything that touches high-quality healthcare. Investment will be looking for real estate that meets those requirements.” n Mark Leverette is a Partner and Real Estate Industry Group Co-leader at BPM. Contact Mark at [email protected] or call 415-288-6206. BPM Real Estate Insights 7