While the industry buzz might be about the millennial generation, the opposite end of the demographic spectrum also is having an impact on commercial real estate. The fourth quarter saw senior-housing occupancy rates rise to 90.5 percent, a 20 basis point increase, according to the National Investment Center for Seniors Housing & Care. Much of the increase was due to rising occupancy in the independent-living segment, as the assisted living occupancy rate held steady.

“The improvement in seniors-housing occupancy rates in the fourth quarter is good news and highlights the effects of the strengthening economy and growing consumer confidence levels on demand for properties that provide personal care, housing and socialization for today’s elders,” says Beth Mace, chief economist with NIC.

In addition, retirement-housing transaction volume in 2014 was the strongest it has been since 2011, NIC reports.