Tag Archive for: jacksonville

Florida’s Hospital Construction Trend Rises To Meet Population Growth

Jupiter Medical Center Surgical Institute 2 760x320

In 2024, Jupiter Medical Center and UF Health hope to open a “neighborhood hospital” with an ER, inpatient beds, operating rooms and other services in Avenir, a new residential development in northwest Palm Beach County — another sign of a boomlet in hospital construction in Florida.

Through the first eight months of the year, the square footage of hospital construction in Florida was up 64% to 1.9 million square feet and the dollar value was up 125% to $1.15 billion, reports Dodge Construction Network.

Metro Jacksonville led the state in hospital construction starts by both dollar value and square footage, with Southeast Florida close behind.

Nationally, the trends also are up but not by nearly the same scale. Through August, hospital construction in the United States was up 24% in square footage and 26% in dollar value, Dodge says.

Kim Kennedy, director of forecasting for the Dodge Construction Network, which compiles the data, notes that Dodge puts the full dollar value and square footage of a project in the month the project starts. Because of that, big projects have a large impact on monthly totals for smaller geographies such as states and counties compared to the national numbers.

“That said, I think the hospital construction market both in Florida and across the U.S. has been a strong one this year,” she says.

Kennedy also says that rising costs of materials and construction wages likely are influencing the rise in the dollar value of projects started.

“With the exponential population growth in Palm Beach County and surrounding areas comes the need for innovative and diverse health care offerings,” UF Health President David R. Nelson said in announcing the Avenir project. 

 

Source:  Florida Trend

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Mayo Starting $7.4 Million Research Build-Out

Mayo Clinic Jacksonville

The city issued a permit Feb. 8 for an almost $7.4 million build-out for Mayo Clinic in the Mangurian Building at Mayo’s South Jacksonville campus.

“This project is to support the need for more space for our research efforts. The first phase of this project will allow space for our neuroscience research teams while the second phase is not yet defined,” spokesman Kevin Punsky said.

He said construction should be completed by November.

The Robins & Morton Group of Orlando is the contractor for the 38,720-square-foot project on the fifth floor of the building on Mayo’s campus at 4500 San Pablo Road S.

Plans show build-out for laboratory space.

Mayo opened the five-story, 190,000-square-foot medical building for patients needing cancer, neurology and neurosurgical care in August 2018.

Named after benefactors Dorothy J. and Harry T. Mangurian Jr., the building also houses patient-centered research and clinical trials.

Services at the building include cancer and neurology care; a chemotherapy infusion center; clinical studies offices; and laboratory services.

 

Source:  Jacksonville Daily Record

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Medical Office Building Coming To Beachwalk In St. Johns County

Rendina Healthcare Real Estate and Twin Creeks Development Associates are partnering to develop a 60,000-square-foot medical office in Beachwalk, the 1,200-acre master-planned community in St. Johns County.

The office will provide space for a variety of health care providers to serve nearby residents. The Beachwalk community is expected to have 2,800 single-family units and 348 apartment units. The community centers on the 14-acre Crystal Lagoon, the largest man-made lagoon in the country.

“With this project, residents of Beachwalk and surrounding communities will have convenient access to an important new amenity,” Beachwalk Developer John Kinsey said in a statement. “Beachwalk will also offer many options for dining, entertainment, shopping, recreation and commercial office space – offering more than 2 million square feet of non‐residential space.”

 

Source: JBJ

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HCA Healthcare Acquires 55-Acre Land Parcel In Jacksonville For $16M

HCA Healthcare, the parent company of Memorial Hospital, has acquired a 55-acre land parcel in the Wildlight community of Jacksonville for $15.8 million. The property is located at northeast Interstate 95 and Florida A1A.

“This purchase will allow us to establish a future presence in Nassau County and to align with the planned growth in the region,” said Bradley Talbert, CEO of Memorial Hospital, in a statement.

Nearby the land parcel, Baptist Health acquired 26 acres at Florida A1A and Harper Chapel Road in May, and plans to build a 50,000-square-foot medical office building. Also nearby, UF Health Wildlight, a 23,331-square-foot medical office building, is currently under construction.

 

Source: Connect Florida

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Tenants Increasingly Seek Medical Office Space Near Jacksonville’s Major Hospitals

The medical office market in Jacksonville, Florida continues to improve as vacancies among medical office buildings have reached their lowest point in the past 10 years, at roughly 5.8%. This is around 280 basis points below the metro average for all office inventory. Vacancy levels are not expected to rise much, as construction in the region has slowed.

Medical office properties in Jacksonville have generally performed well this cycle, as demand for this subset of office space has been increasing. While medical offices comprise merely 15% of total office space in the metro, it has accounted for around one-third of office deliveries over the past decade.

Overall, medical office properties are typically built adjacent to major healthcare facilities and hospitals, creating clusters of healthcare services and tenants. For example, developers have built several medical offices surrounding St. Vincent’s Medical Center’s Southside campus. Around 76,000 square feet of space is either underway or has opened in the area since 2010. The largest building, at 7021 A.C. Skinner Pkwy., is home to the Jacksonville Surgery Center’s 21,200-square-foot location.

With minimal construction activity compared to previous years, year-over-year rent growth is around 4.5% in the medical office subset. These facilities are generally more standard-built as opposed to the sprawling office parks found in Jacksonville’s top-performing Southside submarket. Thus, rents are more on par with Class B properties in Jacksonville, with gross asking rents of around $20 per square foot.

An aging population, and the popularity of outpatient services, has helped fuel demand for medical office buildings in recent years. In Jacksonville, population growth among those aged 65 years or older has increased faster than any other age segment over the past five years. On the economic side, jobs numbers in the education and health services industry have grown at a faster pace than almost any other industry in the past 10 years, behind only professional and business services. These demand drivers are expected to remain vital pieces of the demographic and economic profile of the region in the coming years.

 

Source: CoStar

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