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HKS, Perkins & Will To Design Massive $5B Children’s Health Campus In Dallas

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The Dallas offices of HKS and Perkins & Will have been tapped to design one of the country’s largest pediatric hospitals.

The new Children’s Health campus will include 552 beds and cover 4.5M SF. It will replace the existing hospital on Harry Hines Boulevard in the Medical District and take about six to seven years to build.

“Many of us are parents. This is more than a project for us – our kids are in this community,” Rachel Knox, studio leader of the health practice and partner at HKS, said in a statement. “While both of our firms have designed children’s hospitals around the world, it’s incredible to work on one in your own backyard.”

Children’s Health is among a growing number of health systems that have either expanded or built new campuses to accommodate explosive population growth in North Texas. More than 500,000 children have been added to the Metroplex’s population since 2010, and another 158,000 are expected to become residents by 2028, according to Children’s.

The new pediatric campus is a joint investment between Children’s and UT Southwestern Medical Center. It will increase in-patient, emergency department and operating room capacity while also housing a Level I trauma center, a new outpatient building and fetal care center.

“For more than 110 years, Children’s Health has served the children of North Texas,” President and CEO Christopher Durovich said in a statement. “This new pediatric campus will enable us to continue pioneering academic research, lifesaving treatments and industry-leading technology for pediatric patients for generations to come.”

McCarthy Building Cos. and J.T. Vaughn Construction are teaming up to build the $5B project, which is expected to break ground later this year.

 

Source: Bisnow

Proposed Medical School In Colorado Expected To Train 100+ Doctors Each Year

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Colorado Gov. Jared Polis recently joined other state leaders to announce a funding plan for a new medical school that is expected to produce about 150 doctors each year.

The school would mark Colorado’s third medical school and be part of the University of Northern Colorado in Greeley. Click here for more on the initiative for the Osteopathic Medical College.

“With this plan, Colorado will train more world-class doctors, nurses, veterinarians, and other health professionals to provide Coloradans with the care they need,” said Colorado Gov. Jared Polis according to a news release. “From Denver to Fort Collins, Greeley, and Trinidad, these new opportunities will attract students from Colorado and across the country to our communities. This will positively impact the local economy and ensure Colorado has the strong healthcare workforce needed to provide care to Coloradans today and in the future. The UNC Medical school, we are announcing the funding plan for today will graduate upwards of 150 new doctors each year to help keep us healthy. I thank our university presidents and state lawmakers for their partnership on this exciting initiative.”

According to the university, the proposed medical school is projected to bring $1.4 billion to Colorado’s economy. The governor announced his support of new legislation, HB24-0196, to fund four higher education health profession initiatives including the medical school at UNC. The bill was not available to view on the State’s legislature website last time this article was updated. The proposed legislation is a $247 million Certificate of Participation Bill intended to build infrastructure and increase the health professions workforce across the state by preparing more doctors, nurses, veterinarians and allied health professionals. If passed, the legislation would provide $128 million for UNC to construct a building for the medical college, with the remaining funding going toward other healthcare workforce projects at Metropolitan State University of Denver, Colorado State University and Trinidad State College.

“As a proud representative and alumni of the University of Northern Colorado, I am honored to carry this bill that will facilitate the financing of the college of osteopathic medicine at UNC. The college, along with the three other projects at CSU, MSU Denver, and Trinidad State College, represents the state’s largest investment in building the state’s healthcare workforce for humans and animals,” said Representative Mary Young.

The other two medical schools in Colorado are the University of Colorado’s Anschutz Medical Campus and Rocky Vista University College of Osteopathic Medicine.

 

Source: KKTV 11 News

Medical Offices Ready For Spike In Record High Number Of Insured

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The total number of uninsured in the US has reached a new low and the medical office asset class stands to benefit from it, according to Marcus & Millichap’s 2024 National Investment Office Forecast.

This robust demographic will need and seek more visits to healthcare providers, subsequently driving tenant demand for medical spaces, particularly in markets such as Louisville, Seattle-Tacoma, Portland, and Boston.

Those areas have sub-6.5 percent vacancy rates. Texas has the largest percentage of uninsured residents nationwide and carries an office vacancy rate above 15 percent in San Antonio, Houston, and Dallas-Fort Worth.

Arizona and Nevada, too, have high uninsured populations, with vacancies in Tucson, Phoenix, and Las Vegas above 12 percent.

In Florida, some metros notably refute this trend as the state’s uninsured rate is over 11 percent, but West Palm Beach and Miami-Dade have some of the lowest vacancies among major U.S. markets. Medical office projects are slated to constitute approximately 70 percent of the space completed in Tampa this year.

In 2023, fewer medical office assets changed hands than in 2022. However, transaction activity is above the 10-year average in most regions. An aging population will necessitate medical office expansions long-term.

Marcus & Millichap cited a challenged borrowing environment and said this pressure will likely ease in 2024 as many investors expect interest rate cuts.

“Additionally, private investors have become more active in the space as institutions pull back,” according to the report. “Deals in lower price tranches have increased the use of seller financing in some cases, circumventing lender-based headwinds.”

The report said that the new supply would fall to a nearly two-decade-low construction as it will be reduced by 8.5 million square feet to approximately 500,000 fewer square feet of medical office space this year compared to last. This will push total inventory up by just 0.7 percent.

“Limited additions will prevent any major supply headwinds going into 2024 and beyond as new starts decrease as well,” according to Marcus & Millichap.

Vacancy rates will climb by 20 bps to about 9.8%, according to the report. Meanwhile, medical office tenants will still grapple with a prevailing labor shortage, complicating operator expansion plans.

The average asking rent for medical office space will rise by 1.3% to $23.40 per square foot by December as new buildings come online, reaching a more than two-decade high. Metros such as West Palm Beach, Salt Lake City, and Portland are expected to lead the nation in rent growth, concurrent with local vacancy rates below the national average, according to the report.

 

Source: GlobeSt.