Healthcare Helps Drive Thriving Real Estate Markets

The ongoing “consumerization” of healthcare—evidenced by the continuing growth of urgent care, telehealth and other patient-convenience trends—is one key factor in how medical facilities and related operations are fueling a boom in local real estate markets. As medical practice moves away from a hospital-centric model toward a culture more similar to a retail appearance, existing spaces need to be adapted to accommodate private exam and x-ray areas, offer comfortable waiting rooms, and assure adequate parking that’s well-lit for patients visiting urgent care centers after dark. New construction is often needed for larger urgent care operations. Finally, patients newly insured under the Affordable Care Act are flocking to the nearest clinic in droves (some for the first time in years), which leaves some operators scrambling to open new locations closer to a previously underserved patient population. Sometimes that means adapting an existing structure as described above, and sometimes it requires new construction. Either way, it means the time is right for urgent care operators to scout out potential new sites and develop cost-efficient plans to meet growing—and more sprawling—needs.