Meds & Eds: Old Buildings, New Ideas

Meds and Eds is a relatively new commercial real estate term used to describe the relocation of medical and educational facilities to non-traditional buildings.

The healthcare industry is rapidly shifting. From Skype patient calls being the new norm, to healthcare facilities relocating to more populated areas, and hundreds of regional grocery stores closing their pharmacy counters, these businesses are putting convenient healthcare at the top of their list to provide a consumer-centric experience.

The overall goal is to bring a high standard of patient care, regardless of where they are located. This is forecasted to look like less in-patient care and more retail. With the hope to bring convenience to the customers, there will be more micro hospitals – small facilities with 10 beds and an urgent care. Though there will be shifts in healthcare, the industry is estimated to grow by over 70 percent by 2027, according to the Centers for Medicare and Medicaid Services.

For education institutions, the physical building shall remain in use with a continued focus on face-to-face interaction. However, there is also a growing emphasis on hybrid and online courses which makes the need for a large building or campus no longer a necessity.

Re-purposing shopping centers, office parks, warehouses and historic buildings is a new trend that physicians, developers, and educators in our region have caught onto. Old buildings and the citizens within our community are benefiting from these new ideas. Commercial real estate is being re-imagined.

Check out more regional information in our 2019 Annual Report, 2020 Forecast.

 

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