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The emerging trend in medical office buildings

With our population aging, demand for quality health care will not be abated anytime soon. This ostensibly is why more health care mergers will be seen in 2018. Another expectation on the horizon is a continued focus on providing medical office space near residential  communities and retail outlets.

Essentially, developers are continually looking for spaces that have great visibility, easy access to public transportation and ample parking (for handicapped patients).  In all sections of the city, these are hallmarks that can provide an exceptional patient experience. 

Further, the patterns and expectations for both baby boomers and millenials are changing when it comes to defining the patient experience. No longer is the norm that a trip to the doctor is regarded as a singular experience.  More medical office visits are being combined with shopping and dining experiences that reduce the chances that a patient will lament the time it takes to visit the doctor. Even if they appreciate doctor visits, it is more likely that patients will move towards medical practices that are closer to amenities they frequent.

Given the increasing need to deliver cost effective health care, and the stability of fundamentals in the health care real estate market, it will not be surprising to see more medical office buildings (MOBs) being developed in new areas and away from hospitals (i.e. their traditional locations). This way, developing additional amenities around medical office buildings is a unique opportunity for developers and investors alike.

If you have questions about the legal issues that can arise when developing medical office buildings, an experienced real estate attorney can advise you.

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