Insights in Seniors Housing & Care
The NIC MAP Data Service recently unveiled its latest product enhancement to the NIC MAP Local Property Search tool as it introduced a new class of trade areas based on drive time or driving distance from a seniors housing, skilled nursing property or targeted location. Drive-time analysis allows a user to customize a trade area or primary market area (PMA) by selecting the number of minutes it takes to drive to a destination property or location, while selecting between three different traffic flow patterns, reflective of low, medium and high traffic conditions.
Fast and accurate drive-time estimates are helpful to:
To compensate for traffic patterns in drive-time analyses, our new trade area search parameters allow users to adjust driving distances using a traffic flow selection. The drive-time search parameters let the user generate polygon boundaries that represent the maximum distance that can be traveled along a road network from a given point within a user-defined drive time, (5, 10, 15 or 20 minutes).
Drive-time analysis is critical in property selection because adult children typically help choose a property for their aging parents. Feasibility studies often focus on the adult child’s role in helping select the appropriate property for aging parents. One key decision factor is the time it takes the adult child to drive to a property.
In addition to conducting a drive-time search, users will still have the ability to create a custom polygon or radius search with the added functionality of a dual-radius search – selecting between two radii to display on the interactive map. To help streamline this process, the trade area search parameters can be found under the Trade Area header in the Local Property Search tool.
Clients with access to the “Local Property Search” tool automatically saw these upgrades on December 14, 2017. If you would like to incorporate the Local Property Search tool into your product suite or learn more, please call NIC at 410-267-0504 or email support@nic.org, and you’ll be connected, with Client Services.
Beth Burnham Mace is a special advisor to the National Investment Center for Seniors Housing & Care (NIC) focused exclusively on monitoring and reporting changes in capital markets impacting senior housing and care investments and operations. Mace served as Chief Economist and Director of Research and Analytics during her nine-year tenure on NIC’s leadership team. Before joining the NIC staff in 2014, Mace served on the NIC Board of Directors and chaired its Research Committee. She was also a director at AEW Capital Management and worked in the AEW Research Group for 17 years. Prior to joining AEW, Mace spent 10 years at Standard & Poor’s DRI/McGraw-Hill as director of its Regional Information Service. She also worked as a regional economist at Crocker Bank, and for the National Commission on Air Quality, the Brookings Institution, and Boston Edison. Mace is currently a member of the Institutional Real Estate Americas Editorial Advisory Board. In 2020, Mace was inducted into the McKnight’s Women of Distinction Hall of Honor. In 2014, she was appointed a fellow at the Homer Hoyt Institute and was awarded the title of a “Woman of Influence” in commercial real estate by Real Estate Forum Magazine and Globe Street. Mace earned an undergraduate degree from Mount Holyoke College and a master’s degree from the University of California. She also earned a Certified Business Economist™ designation from the National Association of Business Economists.
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