Arizona health systems have adjusted their growth strategies to accommodate a growing population and demand for outpatient services — and real estate brokers have noticed, GlobeSt.com reports.
Five key insights:
1. Arizona is seeing unique growth in hospital networks, along with outpatient facilities and urgent care centers. In other markets, hospital networks are shrinking.
2. Transwestern Commercial Services responded to the notable growth in Arizona's healthcare market by making two additions to its Phoenix-based healthcare advisory services group.
3. The commercial real estate firm tapped Kate Morris and Vince Femiano to expand its Phoenix-based team and services, both as senior vice president. More than 50 Transwestern brokers now specialize in healthcare.
4. Broker interest in healthcare has increased in the last 10 years, driven by population growth and demand for outpatient centers in population-dense areas.
5. A decade ago, the five hospital systems in Arizona were strategically investing in primary care physicians to bolster referrals to specialists in secondary markets, according to Mr. Femiano.
"Now, hospital systems have become a lot more bullish on tertiary markets and are building microhospitals [and] ASCs and are redeveloping old retail into medical office buildings," he said.