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