3 TRENDS SHAPING THE MEDICAL OFFICE SECTOR
Date Posted: July 17, 2019
From advancements in technology to privacy concerns, medical office users are being faced with new decisions to make. Below, we’re breaking down three medical office trends to look for in 2019.
#1. Advancements in Technology
From Telemedicine to Virtual Reality, technological advancements are allowing us all to lead safer, longer lives. Medical office users and medical providers are quickly embracing new technologies with a large focus on patient experience. Soon, the days of waiting in a lobby for your appointment time could be over as online patient offerings, or Telemedicine, expands. As such, commercial real estate professionals may notice that medical office layouts and thus square footage may be impacted.
Example: “…just last week a friend told me about coming down with a cold on Christmas, but she wasn’t able to get into the doctor or urgent care for a prescription. She downloaded an app, described her symptoms, spoke to a doctor over the phone and got a prescription that day. The whole process took a few hours, but she never had to leave the comfort of her home. This is trend will only continue to advance and be more pervasive this year.”
#2. Energy Efficient Medical Office Buildings
With patient experience top of mind, medical office users are focusing on energy efficient, welcoming environments. Along with advancements in LED lighting, HVAC systems, and solar energy options, medical office users are also looking to “greenify” their space with living walls, air-purifying plants, and architectural glass. With an end goal of “feeling at Home vs. Hospital”, medical office buildings are focused on combining energy efficiency with patient comfort. Demand for this space shows with a consistently strong vacancy (8.4%) and rental ($23.25) rate.
Source: http://www.cushmanwakefield.com/en/research-and-insight/2019/cw-2019-june-healthcare-trends; https://www.cocre8.net/Resources/News/ID/506.aspx
#3. Aging Demographics = Increased Demand
The U.S. population is aging. From 2019 to 2030, the U.S. population aged 65 and over is forecast to increase by 35% (+18.9 Million). This will create both strains on and opportunities for the U.S. healthcare system. For context, the CDC reports that seniors 65 to 74 averaged 5.7 doctor visits annually, with 6.7 visits for the 75-and older segment in 2013, the last year this data was compiled. Based on these market trends, Cushman & Wakefield Recommends emergency departments catering to the aged and outpatient care sites managing chronic conditions should have comprehensive senior care strategies. Source: Cushman & Wakefield Research; U.S. Census Bureau
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Taylor Amankwaah works in Marketing Support & Research for Cushman & Wakefield Pyramid Brokerage Company based in Buffalo, NY. Taylor is a Licensed Real Estate Professional and has 10+ years’ experience in social media management.