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Feature Story: Development on the rise

Panelists at InterFace Healthcare West talk about the market, trends and the future

By John B. Mugford

The “Trends and Market Forces” panel at InterFace Healthcare West included (from left to right): moderator Todd Varney of NexCore, Carl Nelson of Orcutt | Winslow, Neil Carolan of Rendina, Jake Dinnen of PMB, Nancy Moses of Trammell Crow and John Grossman of Millie and Severson. (Photo courtesy of InterFace)

In the years since the Great Recession, the amount of medical office building (MOB) development has remained relatively steady, according to at least a couple of sources.

And yet, during a panel session last week concerning healthcare real estate (HRE) facility development, with a focus on MOBs, several panelists indicated that activity has picked up quite strongly in recent months. They credited this uptick with the continued need of the country’s health systems to provide outpatient care in convenient locations, the still-stable economy, the relatively low-interest rate environment, the aging of the country’s population and other factors, including increased spending on healthcare.

“We’re definitely seeing the volume pick up in activity, with the healthcare systems looking for developers to do any number of projects,” said Jake Dinnen, senior VP of development with San Diego-based PMB, a national HRE facility developer and owner. “We’ve responded to, well, I don’t know how many RFPs (requests for proposals) over the last six months from large healthcare systems, especially in the Southwest… And it has to do with the health systems looking to having more of a presence where patients are as well as the aging population.”

Mr. Dinnen was one of six panelists that took part in a session titled “What Trends & Market Forces Will Drive Development in 2019?” The panel was part of the 10th annual InterFace Healthcare Real Estate West conference in Los Angeles March 6.

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