Medical office poised for growth alongside an aging population in South Florida
South Florida, long known for its retiree population, has historically had a higher portion of senior citizens than the nation as a whole.
September 25, 2019
- South Florida, long known for its retiree population, has historically had a higher portion of senior citizens than the nation as a whole. In 2018, the percent of residents in South Florida over the age of 65 was 18.0 percent, compared with 16.0 percent for the country.
- By 2025, that number for South Florida is expected to grow to 20.5 percent, which equates to nearly 1.4 million senior citizens. The growth of that cohort far outpaces the overall population – the population above 65 years of age is expected to grow 3.1 percent annually through 2025 compared to just 1.2 percent for the overall population.
- Within South Florida, Palm Beach County has the highest share of senior population, which comprises 23.5 percent of the population – far above both the regional, State (19.8%) and national average. And by 2025, over a quarter of the County’s population will be of retirement age (405,400 residents).
- Medical providers have taken note of this demographic trend. There is currently 375,500 square feet of medical office in the pipeline expected to deliver in the next 24 months and another 1.2 million square feet of assisted living and senior housing.
Source: JLL Research, Office of Economic and Demographic Research