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We're inspecting the top considerations for the Medical Retail Real Estate Sector in 2024

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Even with the rise in telemedicine and dropping demand of office and retail sectors overall, the footprint of healthcare service providers has increased dramatically in the past few years.

Growing focus on and interest in health and wellness, increasing aging populations, and hyper-awareness of pandemics and symptoms, are a few factors that continue to drive medical real estate innovation.

We’ve outlined the top considerations impacting the medical real estate sector in 2024:

Non-Traditional Competitors are Shifting the Landscape:

Non-traditional competitors are players who are either new to the medical retail sector entirely, existing players who are re-imagining their approach, and even smaller chains that are expanding outside their traditional offering. Examples include tech giants like Amazon and Apple who are freshly launching healthcare initiatives, and legacy organizations, such as Walgreens and CVS, who are changing their existing model as we’ve known it. Non-traditional competitors are emerging in the market and shifting the landscape by responding to consumer demand for convenience and lower costs.

Specialty Clinics and Services are Coming out Ahead:

The medical sector is experiencing higher demand for specialty clinics and services that focus on one particular practice and specific need. Women’s clinics, plasma centers, dentistry and chiropractic offices are a few examples that we’ve seen popping up. These specialty clinics are becoming more popular due to their specific level of care, easing the sometimes-inefficient treatment process.

Project Management Becomes Paramount:

As more medical clinics move into traditional office or retail real estate spaces, it is important to think about how the project will come to life. Medical occupiers should think about making their space future-proof. This means prioritizing agility, flexibility, use of technology and AI to ensure their footprint is safe guarded against the changing landscape. Convenience and cost are paramount for consumers, and should be strongly considered in any medical real estate project management plan. Creative design & build solutions from a trusted project management partner will yield stronger and more efficient long-term results.

Vestian’s experienced Project Management team acts as an extension of your team. Vestian brings strong critical thinking along with multidisciplinary expertise across each phase of the project life cycle. Our hands-on experts will act as the single point of accountability through Planning, Design, Construction to Final Site Turnover. We will keep your project moving forward and on budget, even when obstacles arise, to deliver fully functioning patient care facilities on day one.