By Michael H. Feldman, CCIM | Director, Florida Healthcare Practice Group
As consumers demand more access to convenient medical services, retail centers are quickly becoming the new go-to location for healthcare providers. And the heathcare systems are buying in.
For healthcare providers the main drivers are location, signage, parking and ease of access for their patients. By providing a convenient location, providers can offer less invasive services in a quiet, efficient space miles apart from the excess waits and headaches of a traditional emergency room setting. Hospital-branded urgent care practices are often paired with primary care providers to bring a quality patient experience and secure in-house services all under the umbrella of the branded hospital system. Once engaged, a patient that receives quality care in a convenient, secure location will typically will reuse the services and stay inside the hospital system going forward. By utilizing a spoke and hub model, patients now have access to the network of providers that a hospital system can offer well beyond primary care including surgeons, specialists, access to clinical trials and more. Not to worry – emergency rooms will always be need for more serious care. However being able to check in on your phone and seeing a doctor at your local retail center should prove to be a strong model for most routine office visits.
For retail property owners, these users provide valuable foot traffic and expanded consumer visibility in an era of drastically changing retail environment. Neighboring tenants enjoy the expanded sense of destination and increased awareness of the center’s main attributes and tenant mixes. Landlords are now attracting long term, credit driven tenants who, once established, rarely relocate. When positioned properly in the center’s design, these locations can serve a secondary mini-anchor attracting customers to slower portions of a center often overlooked beyond the main food/retail anchor.
Even so, owners and providers must be aware of several hurdles that should not be overlooked. In several recent tenant representation assignments, we have worked through complicated build outs that included newly added utility requirements, creating spaces for mobile imaging connections, installing fiber optic networking lines, constructing new patient access ramps and ensuring HVAC load capacities meet some medical requirements. Furthermore, prominent signage is critical and dedicated; upfront parking for patients and doctors is often required. Existing leases may restrict competing uses and hours of operation but are often far from typical. However, all said, the consumer is demanding faster, easier access to medical care, and the nearby retail center may a strategic location with just the right prescription.
Michael serves as a Director in the West Palm Beach office where he specializes in the leasing and sales of healthcare, life science and professional office properties. Michael’s interests include competitive cycling, photography, surfing, and Miami Hurricanes football. He’s a licensed Real Estate Broker in the State of Florida, member of Palm Beach Business Development Board and a member of Florida CCIM chapter.
Michael, H. Feldman, CCIM
+1 561 227 2063