How the Right Office Can Help Medical Practices Thrive
The typically strong medical office market has become more robust since the beginning of the pandemic. In its third-quarter market analysis, Revista Med reported that medical office building (MOB) occupancy rates in the Baltimore-Columbia-Towson metropolitan market were 94.6 percent. Transaction volume for area MOB space jumped 65.6 percent during the quarter while the average price per square foot climbed 7.1 percent.
At the same time, the medical office market has also become more nimble – better able to position healthcare providers near target populations and attractive amenities, help practice groups expand, address changes and challenges in physicians’ business arrangements, find higher uses for existing properties and even leverage real estate to help healthcare providers improve their efficiency and their talent recruitment efforts.
In May, those abundant and dynamic opportunities to work with healthcare providers prompted MCB Real Estate to partner with Wilkingson (Will) Germain, an experienced healthcare and life sciences real estate executive, to co-found MCB Science + Health. Experts in medical office space, Germain says, can help providers address some of the most pervasive challenges facing America’s healthcare system, beginning with demographics.
“People are getting older, people are living longer and, unfortunately, people are sicker,” he said. “The percentage of chronically ill is rising, so easy and convenient access to care is becoming more important.”
Read the full article on NAIOP.