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UNT Dallas To Build $100 Million Healthcare Education Building

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UNT Dallas just broke ground on a $100 STEM complex on its campus in southern Dallas in an effort to improve the healthcare workforce pipeline in North Texas.

The four-story facility will include 18-20 classrooms, nine biology and chemistry teaching labs, three research labs, and a large event venue. The plans include work areas, faculty offices, a student STEM center, a public green space, and a Joint Admission Medical Program space to provide resources for those considering medical school.

The sustainably-built building will provide space for pursuing healthcare careers such as medical, nursing, and pharmacy schools.

“When completed, this building will stand as the most consequential addition to the UNT Dallas main campus, bringing expanded opportunities for our current and future students to be trained for significant healthcare careers,” said Bob Mong, UNT Dallas president. “For employers, our graduates will help solve urgent healthcare shortages in our community. This is a win for our students, our industry partners, and the future of healthcare in North Texas.”

Construction is set to begin within the month on the Stantec and Harrison Kornberg-designed building, allowing students to take advantage of what is a growing industry with shortages at nearly every level. The Bureau of Labor Statistics says STEM-related healthcare positions pay more than average and are projected to grow nearly 11 percent in the next decade. According to the Health Resources & Services Administration, the US needs more than 17,000 additional primary care practitioners and 8,200 mental health practitioners.

“This is a tremendous day for UNT Dallas. I’m thankful and grateful,” said Betty Stewart, UNT Dallas provost. “This STEM building will be transformational to our campus.”

The growing campus is being built to empower and provide upward mobility to diverse learners, and the school’s population reflects that goal. According to Data USA, the enrolled student body is 47.6 percent Hispanic, 26.4 percent Black, 13.9 percent White, and 2.6 percent Asian. Nearly half (41.5 percent) of the UNT Dallas population are first-generation college students.

Healthcare shortages are more acute in communities of color. Black people constitute 13 percent of the US population but only 5.7 percent of physicians. An April 2023 study published in JAMA Network Open found that every 10 percent increase in Black primary care physicians in a county increased life expectancy by one month for Black patients. More Black physicians in a region also reduce the gap between life expectancy for White and Black Americans, which currently sits at six years nationwide.

The building is set to open in the spring of 2026.

 

Source: D CEO Magazine

Investors Target Medical Office In Defensive Play

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Demand for medical office space has mostly normalized, with investors pouring capital into the asset class in what some experts are calling a defensive strategy.

“While some people continue to practice caution amid the emergence of new COVID-19 variants, ultimately many of these appointments must be fulfilled,” Marcus & Millichap’s Alan Pontius writes in a new report. “All the while, the population is aging, which brings along certain medical realities. These factors together underpin the current strong tenant demand for medical offices.”

While traditional offices saw a major rise in vacancy at the onset of the pandemic, medical office vacancy rose just 80 basis points to 9.5% in 2020.  Availability tightened at the tail end of 2020, which drove the average asking rental rate up to $22 per square foot, an increase of nearly 4% from the end of 2019.  Asking rents were highest in San Francisco, followed by New York City, Los Angeles, San Jose, Miami-Dade, Oakland, San Diego, Orange County, Seattle-Tacoma, and Washington, D.C. Meanwhile, vacancy was lowest in 2021 in San Jose, Portland, Louisville, Seattle-Tacoma, and Salt Lake City.

Supply additions expected this year are on par with 2020 figures, with an estimated 9 million square feet of space projected to open this year. Marcus & Millichap predicts that vacancy will decrease to 9.2%, down 20 basis points and 40 basis points above pre-COVID levels.  Meanwhile, the firm predicts rent growth in the neighborhood of 2.5% to an average of $22.61 per square foot, with six markets predicted to hit levels above $30 per square foot led by the Bay Area, New York, Miami-Dad, and Los Angeles.

Staffing shortages remain a headwind for the sector in the short term, as the health crisis continues to hit healthcare worker payrolls. Stated simply, healthcare workers are burned out, and “medical practices are aware of this dilemma,” according to Marcus & Millichap, adding that 73% of those surveyed in a recent national poll ranked staffing as their largest pandemic-related challenge at the start of this year.

“The inability to onboard staff may keep medical practices from expanding this year, combating what are otherwise strong demand tailwinds,” Pontius says.

 

Source: GlobeSt.