Cushman：2023年投资者调查与趋势报告美国老年人生活与护理（英文版）（20页）.pdf

1、INVESTOR SURVEY AND TRENDS REPORTU.S.SENIOR LIVING&CARENOVEMBER 2023Photo provided by Watermark Retirement Communities01Key Findings 02Property Markets03Capital Markets04Valuation Index05Investor Survey Results06Seniors Housing OutlookIn this reportPhoto provided by National Development U.S.seniors

2、housing property market fundamentals continue to improve.Stabilized occupancy trended upward over the prior 10 quarters,reaching 86%,as rent growth remained intact at 5%through the third quarter of 2023.Cushman&Wakefield expects to see continued improvement in property market fundamentals.Northeast

3、markets are expected to show the strongest near-term performance.Markets in the Southwest and Southeast are expected to experience downward pressure on occupancy and rent growth in the near term as new supply is introduced.Secular tailwinds are stronger than ever,as construction starts to slow to th

4、e lowest levels since the Great Financial Crisis(GFC).To meet demand at peak levels,supply growth must increase by 35,000 units per year,beginning today.Affordability remains unsolved.With the number of middle-income seniors projected to double by 2029,over half of this segment will not have adequat

5、e finances to afford traditional assisted living.Operators will learn to scale,and partnerships between operating company(OpCo)and property company(PropCo)will evolve.Acceleration of trends and innovations in technology;integrated care and care delivery models;infrastructure;and design with greater

6、brand diversification are beginning to emerge.The cost of debt is stressing short-term valuations,with senior living transaction volume down 51%year-over-year(YOY),and the price per unit,at$111,000,down nearly 54%from peak pricing.Most owners with well-located properties and healthy operating perfor