The Covid-19 pandemic was set to have a negative impact on DC’s healthcare real estate market. Real-estate professionals were predicting that telehealth would disrupt it, diminishing the need for a medical office space. A healthcare real estate report states that this prediction will most likely come true, but adds that telehealth will not replace the need for well-located medical real estate in the Greater DC Metro market.
As a medical practitioner who plans to invest in a medical office space, you need to understand factors affecting this market. If you do not know where to find this information, consult medical real estate brokers DC. They know all about the latest trends and can help you determine the best location for your medical practice.
Here are the three key factors that affect the dynamic and essential healthcare real estate in DC.
Demographics
Demographics represent a significant factor that affects the price of healthcare real estate in DC. For example, if a region’s population is young, well-educated, and has a high-income level, you will find that leasing medical office space in that area is not a cheap option.
You may have to spend a lot of money to get a small space for your medical practice. However, the healthcare real estate prices are likely low in areas where older people, retirees, and low-income families reside.
These concepts can be confusing for you, especially if you’re new to DC. So, seek the help of medical real estate brokers in DC, as they can help you find an ideal medical office space and negotiate a favorable lease agreement.
Convenience
Convenience and accessibility also have an impact on the healthcare real estate in DC. Patients prefer to visit a healthcare facility that is easily accessible from the highways, arterial roads, and public transit.
Therefore, you must spend more on a medical office space that patients find convenient and accessible. On the other hand, a space located in a remote area may cost you less but have low accessibility.
The healthcare real estate market is likely to see the mushrooming of satellite offices in areas that see high traffic.
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Interest rates
Changes in interest rates can also affect your ability to negotiate a lease agreement. The rising interest rates can make buying or selling a medical office space difficult. It causes the mortgage rates to increase, which makes properties less affordable.
Conversely, when interest rates decrease, you will find that you can negotiate a favorable lease agreement or purchase medical office space at a reasonable cost.
Medical real estate brokers in DC can help you navigate the complicated interest-rate maze. Instead of wasting hours trying to understand interest rates, you should let brokers help you.
Shift to Outpatient Care
There has been a marked increase in outpatient visits in recent years. It has led to increased outpatient facilities in DC neighborhoods, especially in high-traffic areas like Chinatown, Foggy Bottom, Capitol Hill, Adams Morgan, Georgetown, and U Street. Outpatient facilities usually cost less since they require less space.
Consult medical real estate brokers in DC before investing in a medical office space. They know all about the latest trends, market rates in the healthcare real estate market and can use their experience to get you the best deal possible.
