California is #1 in the Nation in Hospital Construction!
Revista recently held a webcast on the California medical real estate market and revealed that the Golden state is the far and away leader in hospital construction across the nation. As of the end of 2014, there were 62 hospital construction projects that Revista had identified in the state of California that were either underway or in late planning. Revista tracks healthcare construction projects that are well defined, are classified as expansions, replacements or new hospitals, and are in excess of $5 million in value. These 62 projects equate to almost $12.4 billion in value which is 123% more than the next closest state, Texas. Many of the projects are being driven by California’s hospital seismic safety law, SB 1953 which was passed in 1994 and which generally requires all hospital buildings to operate as normal during a severe earthquake. Mark Toothacre, president of Pacific Medical Buildings, said during the webcast that he has yet to see an existing California hospital that can be retrofitted to meet the new requirements. Among hospitals opening this year will be the New Community Memorial Hospital in Ventura County. This is a $273 million, 325,000 square foot project that will include an expanded Emergency Department as well as enhanced critical care units and surgical suites. The Revista construction database covers over 900 in progress healthcare projects nationwide comprising over $80 billion of value. Projects can be searched through a subscription to Revista’s revolutionary healthcare real estate database. Please click here to sign up or for more information.