The demand on the healthcare industry continues to grow, and with it, so is the need for physical medical office space.
When the economy fluctuates, there are few things that are recession-resistant. However, regardless of economic conditions, the medical office market has proven to remain stable and secure for several reasons
Critical Services
When a recession hits, people immediately pull spending on non-essential products and services. While consumers may cut back on their coffees, they are less likely to forgo medical attention and, often, services are covered by insurance. Therefore, there’s always a need for visiting doctors and receiving critical services.
Consistent Tenants
Medical tenants are not as likely to up and move as frequently as traditional offices might be and typically sign longer-term leases. Because physicians invest heavily in their business equipment and overall build-out, they often prefer to stay put. Once roots are planted within an office space and within a community, they are unlikely to relocate unless under rare circumstances.
Demographics
Individuals aged 65 and older see a doctor seven or eight times per year, and roughly 10,000 Americans turn 65 each day. According to the U.S. Census Bureau, the number of Americans age 65 and older is expected to double over the next three decades.An aging population requires more healthcare professionals and more space to deliver medical services. No matter the economy, this will stand to be true.
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