Last year, HumanGood CEO John Cochrane emphasized that the senior living industry was transitioning from a period of crisis to one of stability. This year, he is even more adamant about the incredible opportunities that lie ahead, stating, “Buckle up and start your engines.” Cochrane describes the new year as potentially bringing some of the most significant opportunities in our lifetime due to a global demographic shift. Senior Housing News recently connected with industry leaders to gather their perspectives heading into 2024. Here’s what some of them had to say:
Tom Grape, CEO of Benchmark Senior Living, noted that the company had a strong year in 2023, with expectations for continued growth in occupancy and improved margin in the upcoming year. He also emphasized plans to implement technology initiatives, continue ongoing quality improvement programs, and focus on renovations across the portfolio. Grape anticipates 2024 to be pivotal in returning to pre-pandemic performance and devoting attention to meeting the demands of new customers.
David Eskenazy, CEO of Cogir USA, discussed the challenges faced by the senior housing industry due to the pandemic, inflation, regulation, and labor shortages. He stressed that the hyper-inflated interest rates are creating opportunities for new development and upcoming supply, which will help to balance occupancy. Eskenazy pointed out that these market conditions will bring great acquisition opportunities and emphasized the company’s focus on leasing new openings and stabilizing existing communities.
Alan Butler, CEO of Erickson Senior Living, highlighted the company’s commitment to continued growth in the face of challenging market conditions. Butler emphasized their strategic approach to expansion and investment, with plans to develop new communities in response to the unmet need for senior housing in many locations. He also stressed the importance of evolving product and service offerings to meet the needs of the rapidly emerging generation of customers.
The views expressed by these industry leaders provide valuable insight into the expectations and strategies of senior living operators as they gear up for 2024.
