Commercial Real Estate Developments in the Arizona Healthcare Market

Commercial Real Estate Developments in the Arizona Healthcare Market

As Phoenix’s population continues to grow and more businesses establish operations in and around Maricopa County, its citizens are going to need adequate resources to meet their medical treatment needs. In response to this growth, there have been several commercial real estate developments in the Arizona healthcare market.

There have been multiple significant projects and expansions throughout the Phoenix-area in healthcare construction, such as:

  • In December of 2018, HonorHealth broke ground on its sixth hospital when construction began on the 210,000 square-foot HonorHealth Sonoran Crossing Medical Center. The project is scheduled to be completed in fall 2020.
  • Dignity Health is partnering with Phoenix Children?s Hospital to build a new 382,000 square-foot Women?s and Children?s Tower at Mercy Gilbert Medical Center.
  • Dignity Health is also adding a 220,000 square medical tower at Chandler Regional Medical Center.
  • In the East Valley, Banner Health is building Banner Ocotillo Medical Center, a new medical center that will be 245,000 square feet. Banner is also finishing up a $106 million expansion at Sun City?s Banner Boswell Medical Center.
  • The Mayo Clinic has undertaken a $648 million expansion project at its Phoenix location.
  • Abrazo Health completed expansion work at its Abrazo West Campus location in Goodyear.

Having access to routine medical care, urgent care centers, and major hospitals is essential for the community. As Phoenix?s numbers continue to increase and more businesses set up their headquarters and operations in the area, citizens are going to require these and other health services. The recent activity and development in the commercial health care market is a positive step towards meeting the needs of the area?s ever-expanding population. Further, medical employment growth reportedly increased during the first three quarters of 2019, leading to gains in the medical office space commercial lease market. As Phoenix continues to flourish, medical professionals are coming to the area to meet the needs of the population.

Laura B. Bramnick is an Arizona real estate attorney with the expertise to help with all aspects of your Arizona real estate issue. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.

 

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