Survey says: NexCore Group developed more outpatient space than anyone else last year
DENVER, CO – NexCore Group, a national healthcare real estate (HRE) developer, completed more square feet of outpatient medical space than any other developer last year.
That’s according to the inaugural Outpatient HRE Development Survey, which was released today by the research firm Revista and Healthcare Real Estate Insights (HREI) magazine. In 2016, NexCore completed five outpatient medical buildings comprising 397,900 square feet and with a total construction value of about $146 million.
Todd Varney, NexCore Managing Principal, says he is delighted with the survey findings.
“NexCore has had an incredible year doing what we do best – working hard, meeting challenges head on, collaborating with our partners and communities, and developing creative and innovative solutions that meet the demands of today’s healthcare environment,” he says. “We are proud to be recognized in this important inaugural survey, and congratulate the other companies who are also contributing to quality healthcare solutions.”
The new Outpatient HRE Development Survey, developed by HRE sector news and information leaders Revista and HREI, promises to be the sector’s most comprehensive, accurate source of data for the development of medical office buildings (MOBs) and other outpatient facilities.
For the new survey, Revista, in collaboration with HREI, developed a questionnaire that collected data on all outpatient HRE development projects started or completed in 2016 that exceeded $2.5 million in value and that included at least 5,000 square feet of new or renovated space. Data was gathered using surveys completed by the developers, as well as other sources, which was then verified by Revista.
“Other healthcare real estate development surveys have been attempted over the years, but the Revista-HREI survey is the first to focus entirely on MOBs and other outpatient projects,” HREI Editor John B. Mugford says. “It is also the first to capitalize on and combine the HREI’s 13-plus years of HRE sector experience with the comprehensive, verified data uncovered by Revista. This research project sets a new standard for the HRE sector and provides fresh insights into outpatient development activity.”
“The Revista-HREI survey is the first to leverage the sector expertise and reach of HREI, combined with the comprehensive, verified data produced by Revista,” adds Mike Hargrave, a co-founder and principal of Arnold, Md.-based Revista. “Revista tracks outpatient development activity independently, so we were able to verify the data contributed by the survey respondents. We also broke out the data in a variety of interesting new ways, such as comparing the volume of third-party-developed projects vs. self-developed projects, on-campus or affiliated projects vs. unaffiliated off-campus projects, and more.”
For purposes of the survey, outpatient projects include all MOBs, outpatient surgery centers, dialysis centers, clinics, freestanding emergency rooms/departments, imaging centers, urgent care centers, retail medical buildings and other purpose-built medical buildings where outpatient care is provided.
In the first independently verified research project to look exclusively at those questions, Revista and HREI found that outpatient medical real estate development projects totaling nearly $7.7 billion in construction value and 19.4 million square feet were completed in 2016. Another 17.3 million square feet of outpatient projects with a value of almost $6.5 billion were started.
Image Courtesy of NexCore Group