More Hospital Centric Real Estate “On Campus” Inside the Top 50 Metros
Revista has completed its first round of market reports for the top 50 metro areas. Overall, there are 26,545 medical properties in the top 50 metro areas. Of this, we count 1,895 hospitals, 15,116 medical office buildings (MOB) and over 9,000 other medical buildings (medical condos, office w/ medical and retail w/ medical). There is roughly 697 million square feet of MOB space in the top 50 metros. This equals 54% of the total MOB square footage in the US. When comparing the top 50 metros to the overall US (with respect to MOBs) a few interesting insights come to light.
First, there is a greater concentration of on campus MOBs in the top 50 metros than the overall US. By square feet, on campus MOBs comprise 29% of the overall MOB inventory in the top 50 metros. This compares to 26% for the overall US. This suggests that, within the top 50 metros, that hospitals and systems have been concentrating more of their real estate efforts within their campus footprints.
In addition, there is a greater concentration of “affiliated” buildings in the US compared to the top 50 metros. In the top 50 metros 59% of the MOBs are considered “affiliated” whereas 62% of the MOBs in the US are affiliated. This supports the first point and further suggests that, outside the top 50 metros, hospitals and systems have been more active in growing out into their respective communities or service areas.
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