Outpatient care, physician offices and hospitals are seeing employment growth, according to Mr. Marasco. In addition, aging baby boomers present increasing demand for health procedures, making healthcare an ideal industry for facility development. Financing for renovating or constructing a new facility has become available again, though ambulatory surgery centers must provide adequate business and development plans to the bank, Mr. Marasco said. Cities, counties and states, for example, are offering financial assistance to healthcare facilities planning renovations or new construction.
Other positive features in today’s market include low interest rates, low property acquisition and construction costs and REITs that have been buying healthcare facilities. Mr. Marasco suggested that if leaders invest in developing a facility now, they will see increased value of the property over time. He said the pre-construction development process is time-consuming, presenting another incentive for leaders to act now to reap the benefits of a market with historically low prices and financing rates for property acquisition and construction.
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