Questions Surrounding the Future of Medical Properties
Would onsite or local restaurants be attractive amenities to fill staffing gaps and retain employees of medical properties? What type of location would give a healthcare practice a competitive advantage for attracting new patients? Should a medical property include more exits and entrances to account for social distancing? These are the types of questions that could significantly impact healthcare real estate in the near future.
According to an article by Bisnow, the pandemic is affecting the development of future medical properties. Labor shortages are increasing the need for healthcare employers to offer attractive work environments. And interior design and facility layouts have come to the forefront of healthcare developments.
Location of Medical Properties
Bisnow cites a developer who suggests the locations of many existing medical buildings are now inconvenient for patients and employees. In the past, many medical office properties were not as close to retail or dining amenities within the community. Now, he suggests medical tenants will begin to seek spaces near major highways or grocery stores.
Medical practices are looking for locations that best serve their patient base and employees. Medtail facilities often fit the bill because other shopping sites typically surround the facility. The natural foot traffic helps supply practices with patients and allows employees quick access to shopping and dining locations. While the concept of medtail isn’t a new one, it has become more common over the years. And now, in the wake of the recent economic roller coaster, vacant retail facilities are readily available.
On the other hand, because of the increasing popularity of medtail, medical practices may find some markets more competitive than others. As more urgent care and outpatient facilities set up shop in these retail locations, they may end up competing for the same patient base using the same local amenities. So while it’s important for healthcare practices to note the surrounding amenities of a given location, they should also note the competition within each market.
The Growing Size of Off-Campus Medical Properties
For a while now, we’ve discussed the growing trend of off-campus medical properties. These are facilities that serve patients outside of the traditional hospital campus setting. If anything, the pandemic increased that trend. But now, as the Bisnow article suggests, the physical size of off-campus healthcare spaces is growing as well. Larger outpatient medical properties allow healthcare practices to serve more patients. It also provides more space for maintaining social distancing guidelines. The additional space may be able to include flex space or rooms for physicians to host telehealth appointments.
Layout Changes in Medical Properties
According to Lakeside.com, hospitals are facing a greater need for space. Wider hallways and larger patient rooms are two of the top necessities. Of course, major facility renovations are not always possible due to timing and budgetary restrictions. Their suggestion is to create one-way travel patterns for specific hallways to reduce foot traffic within a single hallway.
The increase of automation is a topic we’ve discussed before. Some medical properties may need to provide more automated features like touchless sinks or doors. This simple adjustment helps improve sanitation efforts, which is a priority for both patients and healthcare employees.
Healthcare Real Estate Professionals and Medical Properties
Since the beginning of the pandemic, many of us have seen the changes our personal healthcare offices have made to their medical properties. Our healthcare real estate team has experienced many unique pandemic-induced healthcare adjustments, and we know they will continue to evolve.
As healthcare professionals contemplate what changes they should make in the wake of the pandemic, they can trust HBRE to guide them. Healthcare real estate is a unique commercial sector, and our team has the resources to help healthcare professionals navigate pandemic-induced real estate concerns.
If you are interested in learning more about investing in commercial real estate, or if you have questions about buying, selling, or leasing a commercial property, please contact an HBRE advisor. Our team of experienced CRE professionals have the skills and insight to assist with all property transactions. To reach out to us directly, email [email protected] or call 615-564-4133.
