By Mr. Mohit Nirula, CEO of Columbia Pacific Communities
The real estate industry, like every product or service industry in the world, has been impacted by the pandemic and the changes it has wrought on how people live, work, and interact.
The real estate industry encompasses within itself verticals that have seen a tectonic shift in how people interact with the product.
Commercial spaces have to rework their business model to factor that lessees now seek a revenue share model instead of a fixed monthly rental. The new “work from anywhere” model has the potential to disrupt the co-working and co-living spaces. We have to wait and watch how the new hybrid model of working impacts the industry.
On the flip side, gated communities have become more attractive for families that have thus far been living in independent homes. The fact that a single service provider ensures the delivery of many services that one has to otherwise depend on multiple external people and agencies is a blessing.
When one combines all the advantages of a mixed family condominium – security and common area maintenance with the specialised functions that are available in a senior living community, one can understand the reason for the 4x spike in demand for homes in communities specially designed for seniors.
To be able to enjoy in-home housekeeping and maintenance, chef-prepared and home-style meals in the restaurant, or have them delivered to the home, allows the residents to spend their time doing things they want to instead of worrying about the things that they have to do.
In addition, the presence of round-the-clock nursing support ensures peace of mind for both the residents and their families. Most importantly, good senior living communities should offer a scientifically designed wellness and wellbeing programme that encourages social interaction thereby ensuring that friends, activities, and interaction is just an elevator ride away for the residents.
At Columbia Pacific Communities, we have seen two distinct changes in our future residents – the demand for ready-to-move-in communities from older residents of 70+ and demand for our new communities from a much younger demographic of 50+. Furthermore, there is a distinct increase in the number of inquiries from children for their parents.
The success of a senior living community is best gauged by the happiness levels of the residents. While the quality of the home is an important contributor to this happiness, it is critical that the daily services, daily activities, and healthcare facilities meet and exceed the expectations that residents have for themselves.
As a consequence, there is an increased interest from developers to partner with senior care providers to create senior living communities as a part of their integrated townships. To have this product and service solution enhances the facilities within their township, adds texture to the community, complements and supplements the product of the residential home they offer since the target markets for regular residential and senior communities are separate and unique.
2021 will be a tipping point for senior living communities with these becoming the preferred options for seniors and will become a mainstream solution that will be sought by parents for themselves and by children for their parents.
