Medical office buildings are an essential component to the healthcare sector. They allow clients to obtain easy access to affordable healthcare options. However, right now we are seeing a supply-demand imbalance that may prove to be advantageous to practitioners. Considering this, we look at four things doctors might want to keep in mind when looking at a medical office building for their practice.
Healthcare Medical Offices are Resilient Technology and video conferencing have taken the industry by storm, but it is no substitute for an in-person appointment with your doctor. It is a simple fact that more people in the United States need access to healthcare today than ever before at any point in history. This is driving the need for more medical office building practices that are in convenient and easy-to-access locations. These practices are also relatively recession-proof. Consumers may pull back on dining and entertainment spending in the event of a downturn, but a bothersome toothache or rash will still need to be treated.
Aging Baby Boomer Population
Demand for healthcare outside of a traditional setting is rapidly gaining steam. In fact, as the Baby Boomers generation enters their golden years, the field of healthcare may tout long-term value potential as the Boomer population continues to age and the costs associated with healthcare continue to increase.
Preventative healthcare and wellness services contribute to a long and healthy life. Therefore, as we age, more of these services are needed, keeping the demand for healthcare high. An increase in medical office buildings that specialize in the treatment of conditions may even drive demand for facilities outside a traditional hospital setting.
Diversification
One of the best potential benefits associated with medical office buildings for physicians is their diverse nature. These facilities have excellent synergy potential. By having other groups of practitioners nearby, clients can have multiple procedures performed all within the same day. If these facilities are designed correctly, there can be accommodations for parking, efficiency, and specific systems that work to help benefit a healthcare practice.
A Healthy and Stable Market
Location, neighboring businesses, and the physical real estate of the practice will be paramount when examining a healthcare real estate investment. An aging population combined with an increasing emphasis on wellness and preventative care outside of a hospital setting could potentially foster an ever-growing demand for quality medical office buildings. The practices that can offer a strong, diverse mix in a conveniently located setting could be primed for success as more and more Americans take their health seriously.
HFS is a leader in healthcare real estate brokerage and design. We take great pride in helping dentists, physicians, physical therapists, and veterinarians improve the success of their practice. Whether you are opening a new office or expanding your existing healthcare facility, HFS has the expertise you need to navigate the cumbersome process with a single source of accountability.