In our previous blog we discussed some of the improvements to the industrial sector of commercial real estate in Jacksonville. But the hottest industry in the commercial real estate game throughout Duval and Clay counties continues to be health care. The Jacksonville metropolitan area is experiencing growth like never before, and health care providers are working to keep up with the demands of a growing population.
Currently, according to the Jacksonville Daily Record, there are 20 health care projects in the works in the Jacksonville metro. That does not include three still unannounced projects that are coming soon to St Johns County. According to the Daily Record report, in addition to population growth, the aging population and a shift towards satellite operations have also contributed to the additional need for more health care spaces in the area. UF Health Jacksonville, for example, is developing two satellite emergency room campuses. Satellite campuses have been a growing trend in the health care industry. Even before the pandemic, plans were in place by UF Health and others to expand their reach to communities in Duval and Clay counties.
The projects in the health care industry are across the board. In Clay County, we’ve touted the Baptist Hospital expansion for a couple of years now. The $200 million, 100 bed full service hospital is expected to open sometime in 2022. While Baptist is building the hospital on it’s existing 8-year-old campus, other satellite offices are being set up around the area as well, from all major health care providers. In addition to the expansion of it’s main campus, Baptist is also building a satellite facility in Fleming Island that was planned to open this fall. That facility will include free personalized health coaching, in addition to help navigating through health care solutions.
Health care expansion is great for the general public and overall health, as it helps to lower overall health care costs, while simultaneously making it more accessible to all communities. Health care expansion has also been a very helpful stabilizer for the commercial real estate industry in Jacksonville. The pandemic has created a number of challenges for our industry, across the board, in the United States and globally. But our strong population growth and continued need for resources like health care expansion creates a ripple effect. That demand can help increase opportunities in retail, land development, and so on. As one example, a number of retail and office spaces are developing around the Baptist Hospital expansion in Clay County.
Navigating the growth and challenges that the pandemic has brought can be difficult. To take the best advantage, trust a local independent commercial real estate broker who knows the area and understands the needs of our community. Contact Landmark Commercial Realty Group today for all your investing or listing needs!