Let’s take a look at the Jacksonville market. At 7.7 million square feet (MSF), Jacksonville’s MOB market is the 36th largest market in the US based on total SF.
There are currently about 600 medical office projects under way across the country. More than 15 percent of those projects include orthopedics. Why do so many projects include this specialty?
While MOB transaction activity might have cooled somewhat and MOB construction remains steady, deliveries of hospital projects have been on a spike. Based on projects that have either opened or are scheduled to open by the end of the year, we will be adding roughly 35 million square feet to inventory in 2019.
In recent weeks we've seen significant volatility in the stock market along with increasing fears of a recession. After all, this is now the longest market expansion in history. It can't continue forever, right? MOBs have long been considered somewhat insulated from market shifts - but what does the data say?
Supply/demand and Rent trends will begin appearing in Revista’s products which will enable subscribers to better analyze macro market risks and opportunities.
In the past twelve months, over 21 million square feet of medical office space have been delivered across the country. More than 35% of that has been condensed in 10 markets.
Although 22nd in rank for population, Charlotte is one of the fastest growing cities in the nation. Over the past 10 years the population has grown almost 60%! In 2010 the population rank was only 33… Affordable housing and lower cost of living paired with rapid economic growth and a hot job market has generated a population magnet.
The year 2018 proved to be healthy one for new medical office building (MOB) construction projects, which is certainly music to the ears of professionals involved in the healthcare real estate sector.
The good news comes by way of the third annual Outpatient Healthcare Real Estate (HRE) Development Report released late last week by Revista, a research firm that compiles data for the HRE sector, in conjunction with Healthcare Real Estate Insights (HREI), which provides news and trends in healthcare facility development, financing and investment.
Hospital construction across the US is in the midst of a delivery spike as many projects, both new hospitals and additions, open this year. As of the end of 2018 Philadelphia had the largest under construction hospital pipeline of any metro with 4.4 Million square feet and 14 projects under construction, almost double the square footage of the runner up, Washington DC.
2019 is expected to be a big year in terms of hospital project completions and the Sutter CPMC campus on Van Ness and Geary in San Francisco, opening Saturday, March 2nd, is one of the largest deliveries.