Special Report: Development is not dead


By John Mugford

Kevin O’Neil of Trammell Crow Co. and Jonathan Winer of Seavest Inc.
HREI™ photo

Yes, Virginia, there is healthcare real estate development taking place.

Sure, new development is nearly nonexistent in most other commercial real estate sectors right now. And, even in healthcare, there are some potential pitfalls to consider in moving forward in these difficult economics times, such as whether doctors can continue to afford space in newly constructed higher-priced medical office buildings (MOBs).

Also, while current project bookings look strong for many firms through the end of 2009, the pace could slow as 2010 approaches and hospitals face even more financial challenges. But, then again, for now and the next year or so, it appears that development is and will be taking place in healthcare.

As members of the editorial advisory board of Healthcare Real Estate Insightsmet in Dallas last month to discuss the current state of the industry, this realization occurred to the professionals in the room.

Nearly 20 HREIboard members were gathered around a conference table at the offices of host Trammell Crow Co., where editorial board member Kevin O’Neil is the senior managing director of healthcare real estate.

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