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Showing posts with label Wellness Real Estate. Show all posts
Showing posts with label Wellness Real Estate. Show all posts

Thursday, February 24, 2022

New Wrinkles in Senior Living: Looking Toward an Intergenerational Future

When the Global Wellness Summit once again asked me to contribute to its annual Wellness Trends Report, my pitch may have seemed a bit out of my usual travel/ wellness wheelhouse. That said, the idea of writing about "New Wrinkles in Senior Living" evolved out of the work I have been doing for the past two years in the wellness real estate sector. On the face of it, it's a subject matter that may seem to have limited appeal. But in actuality, as the trend report is more about the value of intergenerational living, it's something young, old and everyone in between should read. Here's a teaser.

Click to Get the Full Report

Summary: For years, it’s been said that 60 was the new 40. But now, according to leading aging experts, 90 will be the new 40 within a decade. The exponential jump in longevity means that people are retiring later, aging younger, and focusing on being active and engaged with self-care and personal growth into old age.

Healthier, more youthful, and more active than their cohorts in previous generations, this incoming senior class doesn’t “feel old” and doesn’t want to be defined by  age, nor socially segregated by it. That’s why today’s age-segregated models of senior living communities are no longer cutting it with a new generation that doesn’t believe in the concept of being put out to pasture upon retirement.  

To meet the changing expectations of aging adults, we believe “senior living” (a term that we would like to see retired) needs to focus more on intentional intergenerationality.  This goes back to days of yore, when people were not so transient and communities stayed organically intergenerational. Such old-school intersectionality still exists in the world’s Blue Zones,  places like Okinawa, Japan and Sardinia, Italy, which also happen to be among the places where people live the longest and age the healthiest.

A multigenerational family living in the Blue Zone
of Sardinia, Italy (franoi.com)

In this trend report, we examine new models for intergenerational living, environments that can set the stage for reducing age segregation, while increasing social connections and decreasing loneliness, which is an epidemic at this point. These new models have great potential for resulting in better health and wellbeing outcomes for all residents. We look at the development of pocket neighborhoods, innovative mutually-beneficial intergenerational co-living models, and strategies for designing for intergenerationality. These new models have great potential for resulting in better health and wellbeing outcomes for residents of all ages.

An example of pocket neighborhood design

Let’s point out that this concept of intergenerational housing goes beyond brick and mortar. There’s an overall ethos involved, in which a community is intentionally designed so that people of all ages have multiple opportunities for connection, collaboration and friendship. To meet this objective, a community must allow people of different ages to live side by side as good neighbors, so that they can share their talents and resources, develop relationships and provide mutual support. 


Trend Introduction: They say that everything old becomes new again  and so it seems to be going with the concept of so called “senior living” (a term that, frankly, we would  like to see retired).  

In days of yore, neighborhoods and communities were organically intergenerational. People rarely  moved away from the community in which they  spent their adulthood. Every kid on the block knew  each other and grandparents often lived with  their descendants. This idea of intergenerational  intersectionality still exists in the world’s Blue  Zones, places like Okinawa, Japan, and Sardinia,  Italy, which also happen to be among the places  where people live the longest. 

However, in many industrialized countries, the  days of yore ended with the rise of suburbia. Cue  developer Del Webb, who introduced the now stereotypical version of a retirement community  back in 1960. Webb pioneered the active adult  concept, a self-sustaining ecosystem filled with  amenities like pools, parks and dining areas, with the opening of Sun City in Arizona. Its success led  Webb to replicate the concept in warm weather destinations across the US throughout the next  few decades.  

This is senior living at Del Webb
 (image courtesy Del Webb)

Due to the popularity of Webb’s projects, standard  home builders started getting into the act by the  mid-1970s. They began designing active adult com munities, age-segregated developments that included amenities like fitness centers, walking trails, swimming pools and social clubs. Not only were these  places age-segregated, but they were usually geographically segregated as well. To live in this type of  community, people often had to move far away from  where they spent most of their adult life.  

Credit: lifeover50.net
Today, though, this old-school Active Adult concept isn’t cutting it with younger Baby Boomers and  Gen Xers who don’t believe in the concept of being  put out to pasture upon retirement. The generation  that invented youth culture is now reinventing  what it means to grow old. They are retiring later,  aging younger and focusing on being active and  engaged with self-care and personal growth. 


That is why the concept of intentionally-designed, intergenerational real estate development may be on the cusp of altering the direction of the senior living

To read the entire trend, click here




Friday, September 3, 2021

During 2020, glamping went from trendy to mainstream. I have spoken about the topic at several travel industry conferences, and recently wrote this trends piece for the 2021 Wellness Hospitality Real Estate Report.


Glamping is defined as an elevated form of camping that allows travelers to stay in unique accommodations (tents, treehouses, tiny houses) with services and amenities more often experienced at four or five-star resorts. Certainly, the pandemic helped glamping leap from niche to more mainstream. Glamping-style resorts have witnessed explosive demand due to their ability to provide socially distant, stress-free and secluded sojourns with immersion in nature.

Glamping in the bush in Australia
australia.com

During the past year, numerous scientific studies have highlighted the inherent mental and physical benefits of being outside. At the same time, the use of outdoor wellbeing experiences to improve the quality of life has been increasing exponentially. In a forecast released prior to the Covid-19 pandemic, the global glamping market size, valued at $1.8 billion, was predicted to expand to $5.41 billion by 2028. Grandview Research’s Glamping: Market Size & Trends also forecasts an annual growth rate of 14.1 percent from 2021 through 2028. 

Glamping in Istra, Croatia
campng-adriatic.com

Given the boost the sector has received during the Covid era (one of the few hospitality sectors that actually benefited from the pandemic), those forecasts may now be on the low side. In fact, glamping, a high-end form of camping that appeals to a broad range of travelers looking to spend more time outdoors, appears to be the right product for the right time. While the type of safari tents often used by glamping developments were once solely associated with trips into the wilds of Africa, today, we see glamping resorts popping up throughout Europe and North America.


Some U.S. resorts, like Eastwinds in New York's
Catskills, are adding glamping units to their offerings.



Europe has the biggest current revenue share (34.9 percent) of the global glamping market, but the North American glamping market is predicted to expand at a faster annual growth rate (16.7 percent) through 2028. Non-Covid factors fueling the growth of the sector included easier access to exotic, unconventional landscapes; the ability of social media to promote small, remote glamping sites at a low cost; and greater interest in outdoor adventure among luxury travelers. 

The glamping proposition is gaining traction among the investment community thanks to high EBITDA margins and low upfront development costs. Hospitality operators who invest in tented projects can expect to generate a quicker return than their bricks and mortar counterparts. As a result of such attractive numbers, and the growth of interest in glamping among travelers writ large, industry players have been able to secure multi-million dollar deals from the investment community.

Sunday, August 8, 2021

The Evolution of Wellness Real Estate Post-COVID

The Covid-19 era ushered in with it the realization that home is where the health is. Post-pandemic, interest in buying healthy homes and real estate in wellness communities is likely to grow as more people take greater consideration of how their living environments impact their physical, mental and emotional well-being. As a result, low-density communities designed to cater to wellness needs will become increasingly desirable.


However, given the novelty of this interest, current development statistics don’t reflect reaction to this potential demand. An American LIVES survey of U.S. households with incomes over $75,000 found more than 25 percent of respondents would want to live in a wellness community, while 38 percent were at least inclined to visit a wellness community and consider living there at least part time. 

Access to nature is an important
feature of wellness real estate communities

Currently, most of the traction in the wellness residential community space is coming out of the upper-upscale end of the market and from the active agers (55+) sector. The latter provides a potential model for age-agnostic wellness communities. In the United States, the active adult (55+) community market size was valued at $523.4 billion in 2019 and is expected to expand at a compound annual growth rate of around 4.3 percent from 2020 to 2027. 

Newly or soon-to-be retired generations have different perspectives on aging than previous generations. Instead of looking for retirement homes that focus on health care, many are increasingly attracted to active adult (55+) communities, where the focus is on a wellness lifestyle. Those communities are filled with single-family homes or condominiums designed with wellbeing features. Often located near a nature asset, these developments place a strong emphasis on community spaces, programming and activities. 

Carillon Miami Wellness Resort
lhw.com

The main movement in the development of under-55 wellness communities sits at the highest end of the market. Right now, most high-end wellness communities are located in mixed-use residential/resort complexes, such as Carillon Miami Wellness Resort and Canyon Ranch Residences. In this arena, there’s a great deal of overlap with the second home sector. In terms of dedicated wellness communities largely serving full-time residents, right now, there are but a few. However, given the likelihood of heightened concern about wellbeing post-pandemic, the concept of dedicated wellness residential communities is a real estate trend whose time has come. 


*This post is adapted from a Wellness Hospitality Real Estate report I wrote for RLA Global.

Sunday, April 18, 2021

Why Wellness is the Next Big Thing in Real Estate


Ask people what wellness real estate means and you get a variety of misinformed answers, due to misperceptions about what wellness itself actually entails. Wellness is more than simply a physical construct. True wellness incorporates physical wellness, yes, but also mental wellness, environmental wellness, social wellness and access to nature, the latter of which plays a part in all the other aspects of wellness. 


greenmountainfarm.org

Let’s face it. Most of us spend the vast majority of our lives inside. In normal times, we shuttle between home and office, with stops at stores, gyms or restaurants. Even when we are on vacation, we spend a lot of time inside, whether we are stuck at the airport or luxuriating inside a resort room. As a result, our indoor spaces have an outsized impact on every aspect of our lives. By ensuring that the places in which we dwell are well, our built environments can be transformed into vehicles for health and well-being. 

In the wake of the COVID-19 pandemic, wellness is having its moment. Perhaps for the first time, people have paused and reflected how the environment around them, whether built by man or Mother Nature, impacts their feelings of well-being.


Real estate should reflect nature


At the same time, scientists are sounding the alarm about how our environment, both outdoor and indoor, impacts our overall health.  According to the World Health Organization, “Whether people are healthy or not is determined by their circumstances and environment. To a large extent, factors such as where we live, the state of our environment, genetics, our income and education level, and our relationships with friends and family all have considerable impacts on health.” 


The real estate industry is taking note of both the science and the wellness awakening that has evolved during the COVID era.  In the past, when the term “wellness real estate” was bandied about (if it was bandied about at all),  it usually referred to the building of a spa, a fitness center, or maybe even a healthcare facility. But now, developers in almost every key sector of the real estate business, including hospitality, residential, retail or commercial, are paying heed to how health and wellness ingredients can be baked into a project. 


Adding glass panels to ceilings helps bring nature inside


While those ingredients may vary depending upon the type of developments, among the ones that should be considered universal are:


  • Access to Nature

  • Air Quality 

  • Acoustic Insulation

  • Biophilic Design

  • Energy-Efficient Lighting/Light Sensors

  • Fitness/Relaxation/Recharging Areas

  • Indoor and Outdoor Green Spaces

  • Indoor and Outdoor Water Elements

  • Natural/Non-Toxic Building Materials

  • Preservation of Green Spaces

  • Sustainability (including energy-saving technologies)

  • Temperature Control

  • Third Spaces for Social Interaction

  • Use of Natural Light

  • Ventilation/Air Filtration Systems

  • Water Filtration Systems


All of these ingredients contribute to wellness, in at least one of its forms. And while, in the past, some of these elements were overlooked or omitted due to budgetary concerns, given the interest in wellness, today, most are no longer optional.


Friday, March 19, 2021

The Relationship Between Third Places and Social Wellness

 Having been stuck in one place for more than a year, I have been thinking a lot about the concept of “third places” and their role in social wellness.

ChicagoParkDistrict.com

Third places, as defined by Ray Oldenburg in his 1999 book The Great Good Place (and its follow-up called Celebrating the Third Place), are neutral territory; public places where people gather, exchange ideas and have a good time. Third places, writes Oldenburg, "host the regular, voluntary, informal, and happily anticipated gatherings of individuals beyond the realms of home and work." Such places, he argues, are crucial for building community vitality, democracy and civil society. In my own less lofty terms, third places promote the types of interactions that have the potential to sprout friendships and meaningful social relationships.


According to the National Institutes of Health, there is growing evidence showing that social networks and community involvement, the building blocks of social wellness, have positive health consequences. Persons who are socially engaged with others and actively involved in their communities tend to live longer and be healthier physically and mentally. 


cambridge.org

So clearly, there’s a need to create structures to enhance social wellness. Enter third places, where people can regularly socialize in unprogrammed and informal ways. Those places might be community gardens and parks, neighborhood pubs, or for the fortunate few, country clubs. Whatever form they take, third places should serve as forums for social interaction. The most popular third places tend to be easy to get to, either close to home (your first place) or to work (your second place). The quality of propinquity encourages both spontaneity and regularity.


In recent years, Starbucks has bastardized the concept of the third place. Theoretically, a local coffee shop could be a third place. But the key to being an authentic third place is social interaction. What I see when I enter a Starbucks (flashing back to 2019) is a bunch of cappuccino-sipping cosmopolites who are basically alone together. They are all ensconced in their own little worlds, typing away at keyboards while further cutting themselves off from the world with their earbuds.


Alone together
starbucksreserve.com


This scene is diametrically opposed to the social construct of a third space. Alone together does not cut it.  A true third place encourages informal conversation and shared experiences on a frequent basis, thereby building a sense of social cohesion. After all, it is only by repetition that we build up relationships.


Our pandemic year forced our first place to become our second and third place as well, and we know how that’s been. Our homes have been converted into places of total retreat from the outside world. With second and third places largely confined to virtual realms, we have quickly discovered that the online world is no substitute for in-person interactions, particularly when it comes to building social relationships.


offset.com

There’s a pent-up desire for IRL human interaction. When things get back to whatever normal is going to be, people will be seeking out third places where they can reconnect with others. That’s why, in a post-COVID world, there is a real opportunity for those in the real estate realm, whether working in retail, residential or office space, to build third places into their development or retrofit plans.


Look, after a year of being conditioned to work and shop at home, businesses are going to be struggling to convince consumers and employees to do their things away from home. Meanwhile, people are reconsidering where they live, as more jobs become virtual and the value of knowing your neighbors comes back into vogue. Knowing that demand for third places is strengthening, architects, developers and urban planners will all have to start factoring in third places that encourage social wellness. In upcoming posts, I will examine these ideas in greater depth.  



Friday, August 14, 2020

The Nature of Green Wellness Communities

The COVID-19 crisis has given everyone a new perspective on the importance of integrating nature into our everyday lives. Pre-pandemic, we were busy hurtling from home to job, usually in cars or crowded public transportation, often in busy urban areas, with little time built in to experience the great outdoors.


Nature heals: Living in green neighborhoods linked with ...


During the past few months, nature has provided a bit of relief to millions of people in search of physical and mental health. Breathing in fresh air, enjoying the aromas of nature, feeling a relaxing breeze, hearing birds singing and looking up at the stars have served as natural tonics for anxiety and cabin fever. Indeed, the lockdown has taught us that people need landscapes. In this digital age, the value of the IRL natural world is finally back where it should be--front and center.



This renewed appreciation of nature as a contributor to health and wellness will be one of the long-lasting outcomes of this era. Going forward, that is likely to translate into a greater desire for residential neighborhoods and public spaces that emphasize wellness components. 




The way urban and community planners think about space will change following the pandemic, according to Pablo S. Massari, an associate principal at EDSA, a Florida-based landscape architecture firm. Parks and outdoor environments will be prioritized and re-imagined. “In Victorian times,” he said, “people noticed cities getting unhealthier, so they developed parks with canopies and shade. In recent decades, those natural features have been crowded out by tennis courts and playgrounds and skating parks. (But today), most outdoor spaces today are overly programmed for recreation and sports, with very little space for canopy and trails.” Now is the time to change that, he said, by bringing back canopy and greenery, both in parks and in residential areas. 


Enhancing New Urbanism through greenway design | CNU
Courtesy: Congress for the New Urbanism


In terms of community planning then, as new neighborhoods are designed, green space is key. A priority should be put on the ability to traverse the neighborhood by foot or bike. Developing neighborhood greenways, low-traffic streets where bicyclists and walkers get priority over motorists, or dedicated trails for non-motorized vehicles can help do the trick. Communal gardens and outdoor “open play” areas are other features that can add green elements and opportunities for human connection, both of which are key to wellness.



The 19th Hole


When we discuss wellness, we are talking about it holistically. It is not solely human health that we seek to improve, but also the environment at large. That is why, when discussing wellness communities, we should reconsider the idea of homes built around a golf course. Golf courses are known water guzzlers, and the use of fertilizer and pesticides to maintain their manicured lawns are not good for the environment. Furthermore, golf courses located near protected or sensitive areas can have negative impacts on local flora and fauna. 



According to EDSA’s Massari, particularly in areas where water is scarce, extra land should be used for less impactful forms of recreation, or for agriculture, both of which serve to benefit nature and people. 




Monday, August 10, 2020

Shining the Spotlight on Wellness Real Estate

The wellness zeitgeist has been permeating our culture during the past decade. People run around the world in search of wellness practices. At home, they spend spend thousands of dollars a year on SoulCycle and smoothies. Yet, what has been largely overlooked as the movement has exploded is the wellness of one's physical home and the neighborhood that surrounds it.


As most of us have been spending 24/7 inside for the last few months, the realization that home is where the health is has become a reality. Suddenly, there is an understanding that the home environment itself should be healthy and healing, from the quality of the air to the availability of sunlight to the materials used in construction. And, as we take short jaunts around our neighborhoods, we are increasingly appreciating the lure of outdoor features like tree canopy, green spaces, water and walking trails.


Wellness Community, the new lifestyle reality to life a healthy ...
A running trail in Emilia-Romagna's Wellness Valley
Courtesy: Technogym


It's not surprising, then, that many experts predict that this pandemic will change the way people choose to live. Even before COVID, there were studies indicating that lifestyle and environmental factors account for nearly 85 percent of one's health outcomes. It's not a coincidence that during the lockdown, there’s been almost a primordial urge to return to arcadia, in the form of countryside, coastline or mountains.  At the same time, though, in isolation, people are realizing the importance of IRL connection and community.


That is why wellness real estate is set to experience its moment. The wellness real estate sector was already in a nascent state pre-COVID. But post-pandemic, the trend toward buying healthy homes and real estate in wellness communities will grow as more people take into consideration how their living environments support their physical, mental and emotional state of being. 


The Global Wellness Institute has been watching this trend develop over the past decade. According to Build Well to Live Well: Wellness Lifestyle Real Estate and Communities, wellness real estate was a $134 billion worldwide industry in 2017, and, at the time of the report, was expected to grow to $180 billion in 2022. Given that pandemic, expect that number to top $200 billion.


There are several important features of the communities that are actually walking the wellness walk. They include the use of natural and no-VOC materials in construction; the incorporation of biophilic elements in design, and an abundance of unprogrammed outdoor spaces (that means no golf courses and concrete-covered playground areas). A focus on community-building and social connection is another vital element of a true wellness neighborhood, one that is often overlooked by companies that are trying to glom on to the trend without really understanding the importance and the nuances of a holistic approach. This could result, for example, in larger front porches, smaller front yards and more communal spaces.


Over a series of blog posts, I will be exploring the key ingredients that every wellness community worth its salt must sport. Stay tuned.