Cover Story: The off-campus era

How it’s revolutionizing healthcare real estate

By Murray W. Wolf

Large multi-specialty facilities like this four-story, 280,000 square foot VA Healthcare Center being developed by Lend Lease in Kernersville, N.C., represent one approach to off-campus outpatient real estate development strategy. But providers and developers are also exploring a range of other options. (Rendering courtesy of Lend Lease)

Large multi-specialty facilities like this four-story, 280,000 square foot VA Healthcare Center being developed by Lend Lease in Kernersville, N.C., represent one approach to off-campus outpatient real estate development strategy. But providers and developers are also exploring a range of other options. (Rendering courtesy of Lend Lease)

For the benefit of the handful of readers who might be new to the healthcare real estate (HRE) sector – and with sincere apologies to those for whom this is painfully obvious – we must premise this article by stating that more and more healthcare services are being moved to freestanding, off-campus, outpatient facilities.

And if those in the know will indulge us for just one more paragraph, please allow us to list some of the reasons healthcare providers have embraced what has become today’s prevailing HRE strategy. Off-campus facilities can help providers to: reduce costs; increase productivity; improve patient access, convenience and satisfaction; accelerate speed to market; defend or expand market share; and build brand – to name just a few.

OK. Now that we have gotten those preliminaries out of the way, let’s take a closer look at a topic that continues to leave even industry experts scratching their heads: What exactly are the implications of this off-campus push for HRE developers and owners? How is it affecting design, development, financing and ownership?

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