Doctors buy into condo office space “weston sells developers on medical condo concept”
South Florida Business Journal | By: Brian Bandell
The same factors that have made residential condos hot are keeping medical office condos on fire. About 1.4 million square feet of medical office condo projects are planned in South Florida, according to research by Miami developer Kenneth Weston.
Weston already has a steady diet of offices he’s readying for doctors, with four such projects he either owns or represents breaking ground in the first quarter of 2005. Each project is at least 50 percent pre-sold, said Weston. His company, Kenneth Weston & Associates, Inc., also represents a builder with preliminary plans for a medical office condo in Homestead. The details of the project are still being worked out, but it would be adjacent to the new 120-bed Homestead Hospital, which Baptist Hospital is building on Campbell Drive east of Florida’s Turnpike.
Weston keeps in contact with physicians who are cramped for space or looking to expand. He targets fast-growing areas that are underserved by medical offices. Medical offices have specific requirements that conventional office buildings often lack, Weston said. “Most developers aren’t experienced in designing these buildings, “ Weston said. “A lot of the clients we deal with overlooked these situations.”
“Ninety percent of the projects we are doing are medical office condos,” he said. “Because of the low interest rates and the instability of the stock market, physicians are diversifying their investment portfolios."