Medical Office Condo Market Still Strong In Niche Locations
South Florida Hospital News | By: Lois Thomson
As founder of Kenneth Weston & Associates, Inc., Kenneth Weston has been active in healthcare real estate for 30 years. For that reason, he has the expertise on the subject, and his conclusion is that the overall office condo market “is not as hot as it used to be. But the medical office condo market in South Florida still remains strong – but only in certain areas.”
Weston said the industry was booming for several years, which induced some developers to try to get on board. Unfortunately, since they were not familiar with the latest trends in the healthcare industry, it resulted in projects that weren’t property researched and thus were unsuccessful.
Weston said that his company looks at the big picture before starting a project. “We look at the market from a macro point of view and determine ahead of time what physicians and healthcare users fit that particular market. The reason is that one building typically cannot serve the needs of all types of users.”
In summary, Weston said, “We have been involved in these types of projects through all different trends, fluctuations in interest rates, and supply and demand. The overall prospects for medical office space now and in the future will remain strong.”