Despite rising land, labor and materials costs, construction firms are finding ways to stay on budget while maintaining quality. By Lynn Peisner Commercial real estate developers and builders active in seniors housing face the same problems squeezing other property sectors. Permitted land is more expensive and harder to find. The cost of capital is rising. Fewer skilled laborers are available. And materials costs are steadily increasing. Meanwhile, construction firms put in many hours on the job site to ensure projects are completed on time and on budget. The total cost …
Development
While the existing stock of skilled nursing facilities is mostly outdated, only a handful of investors and providers are putting up new buildings. By Jane Adler While the construction of new assisted living, memory care and to a lesser extent independent living projects has been on a tear over the last several years, another part of the seniors housing industry has lagged far behind. Groundbreakings are only occasional events for new skilled nursing projects even as the number of facilities declines and many of the remaining ones are functionally obsolete. …