For homeowners impacted by store closures during the pandemic, well-funded healthcare providers, which tend to sign long-term leases, are suddenly desirable.
“When homeowners think about what would happen if we went through a crisis again, they want the things that won’t close – groceries, pharmacies and establishments,” said Scardina of Cushman & Wakefield. medican.
Some of these dynamics are playing out in suburban malls, where healthcare providers are moving into vacant spaces as retailers consolidate or shut down. . Vendors consider malls to be attractive because they are familiar to residents, easy to access, and offer ample parking. The open floor slabs of former big box stores are another plus.
According to a survey by ICSC, a commercial group representing owners of such properties, by the beginning of 2020, nearly seven adults in the United States visit a healthcare provider. at a shopping mall, self-contained mall, or mall.
The 32 self-contained malls around the country have service providers, said Ellen Dunham-Jones, a professor at Georgia Tech who has tracked retrofitting ailing malls. healthcare takes up large square footage or in some cases. Some of the providers are university expansion medical system.
The University of Rochester in upstate New York is creating a $227 million, 350,000-square-foot emergency orthopedic facility at The Marketplace Mall in Henrietta, four miles from the university campus. The property was built in 1982, used to have 4 anchor tenants, but one of them, a Sears store, closed in 2019. The overall vacancy rate increased to 30% before the project started. head, said Jonathan L. Dower, vice president of rentals. for Wilmorite, the owner of the mall.
https://www.nytimes.com/2022/02/22/business/real-estate-retail-space.html To fill empty retail space, publishers for doctors and dentists