Posted June 7, 2017
A report from the rating agency Morningstar finds that the number of urgent care facilities has jumped more than 20 percent since 2014, as aging baby boomers and millennials with young families seek out convenient medical treatment. “About 96 percent of urgent care centers had more patient visits in 2015 compared with the year-earlier period, according to the Urgent Care Association of America,” the report says.
Many of the newer facilities are taking space in former retail buildings such as strip malls.
“Owners of shopping and mixed-use centers, looking for entertainment and other services to fill vacant spaces, have embraced urgent care as a strategy that can revitalize a center,” Morningstar reports. “The growth of urgent care facilities in retail centers could be part of a trend where other office-using tenants move into buildings with lower rents.”
Shuttered bank branches are also being used.
“Landlords and investors have repurposed and backfilled vacant bank branches with urgent care tenants. There are plenty of vacant bank branches available,” the report notes. It adds, “Banks built in retail districts offer visibility, high-traffic locations, and ample parking, which appeal to medical tenants.”