The health care industry is going through a series of stark trends that affect economic relationships between hospitals and nearby commercial property. The site selection of large hospitals has always had a major effect upon the fortunes of surrounding retail, and nowhere is that relationship felt more keenly than in the urban setting. So when such hospitals close, the prospects tend to dim for the restaurants and convenience stores nearby dependent upon the thousands of foot-traffic customers the hospital attracts.
With only a few exceptions, the mood was decidedly up at Thursday’s Healthcare Real Estate Conference in Chicago. The investors, brokers, tenants, developers and managers who met at the University Club came to hear about strategies and trends in development, management and capital for medical properties ranging from medical office buildings (MOBs) to large healthcare campuses to retail outpatient facilities.
In the wake of the recent Healthcare and Real Estate Summit held in Chicago, a clearer picture is beginning to form of healthcare business trends and property dispositions going forward nationally under the Affordable Care Act (aka “Obamacare”). The commercial property professional in most markets is a stakeholder in these trends in a few different ways.