The healthcare sector is an ever-changing landscape for commercial realtors, influenced by everything from healthcare legislation to patient needs to the demographics of the community. These factors and more make it important for us, as commercial real estate brokers, to keep tabs on trends within the industry.
Medical Office Space
To meet patient needs and reduce costs, medical office space is moving to more convenient locations, off of hospital campuses. Medical offices are moving further into the suburbs, near high traffic areas, such as retail shopping. Both private practices and large scale healthcare providers are buying and leasing these spaces to make themselves more accessible to the community.
The sudden spike in medical office space in retail locations, calls for special attention from brokers. According to The Tenant Advisor, these medical office tenants often sign longer leases than the average tenant, so be sure tailor the lease to cater to the specialized needs of medical providers:
Compliance with American with Disabilities Act (ADA)
Extended Hours and Utility Consumption
Special Needs for Equipment
Healthcare Exclusivity Policies
Medical office space is expanding rapidly, and it’s important to understand the unique needs of medical tenants.
Senior Living Facilities
People are living longer, healthier lives, which has created greater demand for senior living space. These communities often offer a range of medical and recreational amenities, catering to senior citizens. For investors, there is range of communities to consider, from the more independent living communities to highly supervised complexes with more medical resources and staff.
Development and Construction
Major medical providers are constantly remodeling and expanding to meet the needs of a growing population and to accommodate changing medical technology. Now more than ever, people want private rooms or more on-campus amenities, such as physical therapy or a workout center. Hospitals have to deliver on those needs if they want to patients to choose them over the competitors and also to recruit top doctors and staff.
If you’re looking to buy or lease commercial property in St. Louis for medical office space, talk to our brokers about finding a smart solution for your healthcare business.