For many reasons, the healthcare industry also wants to enjoy favorable economic benefits, location, and affordable housing for staff. And let’s face it, with the increased population in DFW from all of these business relocations, we need more healthcare workers! More healthcare workers lead to an increased need for housing and healthcare office spaces. Of course, where there is job growth, there is a need for real estate. There is a need for both industrial spaces for healthcare offices and residential homes for healthcare workers relocating to DFW.
The Healthcare Job Market
The DFW job market for healthcare workers continues to be on the rise. The regional growth for health-related jobs increased by 3.5%, which is 1.4% higher than the national growth rate for the healthcare industry. The DFW healthcare industry represents 15% of the local economy, which comes to a $52 billion market!
The healthcare industry plays an essential role in the DFW economy. Even during periods of economic turmoil and instability, the healthcare industry is one of the strongest employment sectors and leads the employment growth in the national economy. Most healthcare jobs are difficult to outsource, even in a world of virtual businesses and telehealth technology. With DFW’s population increase and the rising age of the baby boomer generation, the need for healthcare workers in DFW continues to rise, too.
The Demand For Medical Office Buildings
The rising healthcare job market bringing on thousands of healthcare workers and the rise in population means a higher demand for medical office buildings and facilities in DFW. Another factor is the changing healthcare services. Healthcare providers are under pressure to reduce costs. The uncertain reimbursement rates of private insurance, Medicare, and Medicaid mean healthcare providers either raise prices or trim expenses. Healthcare workers are attempting to reduce costs by relocating their services closer to where their patients live and using video technology to meet with patients remotely. The push is to move patient visits away from hospitals and other higher-cost facilities into lower-cost outpatient facilities, such as medical office buildings and urgent care centers.
Commercial Real Estate And Office Space Availability
DFW has abundant office space and commercial real estate choices for companies relocating or expanding. We aren’t just talking about skyrises and office buildings. Many large corporations are planning and building mixed-use developments with everything their employees could want. Retail shops and restaurants, walking trails, transportation systems, and apartments for employees to live close to work to minimize their commute.
Healthcare campuses are joining this trend, as well. In June of 2021, CHRISTUS Health broke ground on its brand new headquarters in Irving, Texas. With its anticipated opening in 2023, 2,200 CHRISTUS Health associates will be within walking distance of more than 20 restaurants, hotels, the Toyota Music Factory, and various housing options. The 4.2-acre property will include a 15-story high building and a 10-story high parking garage. Nearby walking trails and outdoor space for exercise will encourage the health and wellness mission that the health campus incorporates into its mission.
The Demand For Housing For Healthcare Workers
As more businesses and healthcare practices relocate to DFW, the demand for housing for healthcare workers continues to increase. There is also an investment opportunity for rental properties, such as Airbnb, for traveling nurses. There is a considerable demand for traveling nurses who tend to contract for 12 weeks at a time. The typical traveling nurse will stay at a site for 12 weeks and then move on, so purchasing a home is not an option for them, and hotel stays for that length of time can be pricey. They would much rather enjoy the comforts of a home-away-from-home that an Airbnb property would afford them.
HPI Real Estate Services & Investments have plans to bring 829 rental units to north Fort Worth. The plan is for approximately 636 multifamily rental units, 193 single-family rental units with attached garages and yards, and amenities. The amenities may include clubhouses, resort-style pools, walking trails, and more.
Another interesting development is the acquisition of the former Oak Farms Dairy plant in southern Dallas against the Trinity River Greenbelt. The development plans are 34 acres zoned for a 20-story mixed-use master-planned community. The plan includes a 444-unit multifamily community.
Contact us today if you need assistance relocating to DFW or acquiring office space for your medical practice.
