Last year, Florida’s annual property insurance premiums soared 27% for the second year in a row. The higher premiums have become a new tax on an industry that already has had its margins squeezed. At the same time, the state’s population has been surging with aging Baby Boomers, who have filled its senior care facilities, from independent living to skilled nursing and everything in between.
Conversion projects don’t come without significant challenges. When transforming an office into a healthcare facility, the building will likely need new utility services, mechanical, electrical and plumbing infrastructure, and vertical transportation modifications, at a minimum. How quickly and easily these changes can be made depends on the existing structure of the building.
There are certain specialties in particular helping to drive outpatient treatment in dedicated real estate.
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