The booming medical workplace sector has lured buyers over the past yr as the general workplace market continues to stoop — however proudly owning and working these buildings comes with its personal set of challenges.
Medical workplace buildings have radically totally different development protocols than conventional workplace properties, for starters, says Cushman & Wakefield’s Jennifer Seiler. An infection management threat assessments are essential to establish potential hazards all development tasks in MOBs — whether or not carpet replacements or complete remodels — might pose to sufferers, guests, and workers. And management measures must be clearly communicated to contractors to make sure dangers are minimized.
Medical workplace buildings even have higher calls for on their HVAC and plumbing techniques than conventional workplaces: “In spite of everything, lowering airborne illness threat by filtering air and offering sinks for handwashing in each examination room is crucial,” Seiler says. “A complete preventative upkeep plan have to be in place to verify all gear is maintained per the strictest producers’ specs as any downtime resulting from gear failure impacts affected person care.”
And since they face “fixed” foot visitors, homeowners can count on extra put on and tear. On common, physicians see anyplace from 4 to 10 sufferers per room per hour, prompting Seiler to advocate that homeowners improve the frequency of janitorial providers, significantly in restrooms and customary areas, to keep up cleanliness.
Proudly owning a MOB may also require quicker response instances for upkeep points, she says.
“Whereas a burnt-out mild bulb is a minor inconvenience in a standard workplace setting, it could utterly affect a supplier’s means to take care of sufferers in a medical workplace setting,” Seiler notes. “Set clear benchmarks for response instances to make sure a way of urgency in resolving reactive requests and make the most of a piece order administration software program software to assist prioritize requests and dispatch engineers.”
Lastly, staffing is vital. Cushman & Wakfield requires all engineers supporting healthcare accounts to efficiently full the ASHE Licensed Well being Care Bodily Setting Employee Certification, the one certification of its variety backed by the American Hospital Affiliation. The agency’s engineering groups additionally full annual HIPPA coaching to make sure the safety of delicate affected person well being data.
The medical workplace constructing sector has surged as of late, with asking rents hitting historic highs within the third quarter as gross sales quantity and pricing additionally rose.
Regardless of financial issues and trade challenges, the medical workplace property sector (MOB) continues to go from power to power,” Colliers analysts famous in a sector report on the finish of Q3. “Demand is outpacing provide, emptiness stays tight, and capitalization (cap) charges have remained comparatively secure. In consequence, growth exercise is gaining momentum, reflecting confidence within the sector.”
A file $17.2 billion was poured into MOBs within the 4 quarters ending with Q2 2022, the best on file.
