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NY Medical Office Sees Growth in Outpatient Demand
The medical office market in the Tri-State New York metro area, encompassing NYC, NJ, CT, and Long Island, displays diversity, with strong demand and unique structural characteristics in each locality, according to JLL’s TriState medical office report.
In Manhattan, medical offices are typically situated within mixed-use buildings, offering convenience in the bustling urban landscape. Conversely, the Outer Boroughs feature a combination of spaces in mixed-use and standalone buildings, primarily in less densely populated neighborhoods. Manhattan commands higher rents due to its central location and density, while less dense areas provide more affordable alternatives.
Furthermore, with individuals over the age of 55 constituting 30% of the U.S. population and the elderly population aged 80 and above expected to grow by 50% within the decade, there is a projected significant increase in demand for outpatient healthcare services. In the Tri-State area alone, outpatient demand is anticipated to grow by 6-10% over the next five years across much of the region.
- ◦Lease
