Our Health Care Real Estate Briefing is your comprehensive summary of weekly health care real estate highlights currently happening across the nation.
- The Department of Health and Human Services extended the public health emergency through April 16, 2022.
- Since the pandemic began, nursing homes and assisted living facilities have lost more than 400,000 jobs. In some communities, fast food restaurants are paying $19 per hour when CNAs would make $13 per hour according to Marketplace.org.
- QHC, an Iowa company that operates 8 nursing homes and 2 assisted living facilities, filed for Chapter 11 bankruptcy at the end of 2021 citing “crippling staffing and employee retention issues” since the onset of the pandemic per Skilled Nursing News.
- Staffing shortages at home health agencies and nursing homes are creating problems at hospitals. Patients being discharged have nowhere to go and home health referral acceptance rates have fallen 15% while SNFs declined referrals 10% more often in 2021 compared to 2019 per Fierce Healthcare.
- The Consumer Price Index increased 7% over the past 12 months, up from 6.8% in November. The CPI hasn’t increased at this pace since 1982. The price of used cars is up 37%, furniture is up 17% and approximately 49% of small business owners plan to raise prices this year per the WSJ.
- Straub Medical Center in Honolulu broke ground on a $1B, 15-year expansion project that will nearly triple the size of its campus per the Honolulu Star.
- UT Southwestern Medical Center and the Texas Health and Human Services Commission plan to build a new $237M, 200-bed inpatient psychiatric hospital in Dallas per D Magazine.
- University of Iowa Hospitals and Clinics received approval to move forward with plans for a new hospital tower, a teaching and research building and an ambulatory care center per the Iowa City Press.
- Baptist Health and Broward Health have made headlines as they compete for 25 acres of surplus land in Sunrise, FL for a new hospital per the Real Deal.
- Spectrum Health plans to spend $151M to build three new MOBs in Western Michigan, including a 240K sf MOB in Grand Rapids, a 15K sf rural health clinic in Lakeview and 33K sf MOB in Big Rapids per Mlive.
- Artemis Real Estate Partners and Thomas Park Investments formed a JV to acquire $500M in MOBs located in the mid-Atlantic and Northeast per Business Wire.
- Artemis Real Estate Partners and Hicks Ventures formed a $100M JV to develop 20 inpatient rehabilitation and behavioral health hospitals per Modern Healthcare.
- Ryan Cos. sold 11 MOBs totaling 500K sf to Harrison Street per the Minneapolis Business Journal.
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