Hot Demand for Development of Specialized Medical Facilities

Developers are building medical offices like Downtown West Medical Offices without any tenants reserving the building. Downtown West will be a 60,000 sq/ft contemporary medical office complex located in the heart of Los Angeles, and currently has no tenants reserved. Peter Becronis, owner of developer Wembley Realty Advisors and one of the partners in the Downtown West project says that he is not worried about not having tenants lined up because there is such a high demand for primary medical care in downtown Los Angeles. However, Becronis and his partners are not running off of blind hope.

Making educated decisions based off of key demographic trends and location are the most important prerequisites to starting a massive project like Downtown West. Another huge factor is the Affordable Care Act, which has led many medical providers to specialize their services and the care they provide and therefore has increased the demand for specialized facilities. There is a shortage of these such facilities and this is what Becronis and his partners are counting on.

The market is prime for these sort of speculative projects. Nationally, development is on the rise while vacancy rates are declining. And yet there are very few speculative projects currently planned. This is a window of opportunity that, for now, seems wide open.

Click here for the full story from The Wall Street Journal, or click here for more Front Street news... 

Comment /Source

Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

 Subscribe in a reader

Subscribe to Front Street's News Page by Email