LAS VEGAS—“Medical uses are now focused on higher profile shopping centers.” So said Los Angeles-based Ed Sachse, executive managing director with Kennedy Wilson‘s brokerage group, at ICSC’s RECon event. “Urgent care centers in particular provide local services for walk-in patients.”
With the rapid changing landscape of medical care, the urgent care centers will fill the community needs for quick and affordable medical care, Sachse tells GlobeSt.com. “They will become a more popular part of tenant mix for neighborhood centers.”
And mixing this tenant service into a retail format brings a number of benefits, he explains. “A medical tenant typically has a stronger credit profile since they invest heavily in their improvements, and they traditionally seek longer lease terms,” Sachse says.
He points out that the medical tenant “can occupy more destination oriented space in the shopping center.” In addition, he says, “the average visit is much shorter than a standard medical use, thus, parking turns quickly.”
With urgent care centers interested in spaces between 1,500 square feet to 3,500 square feet, Sachse notes that “they can fill a nice gap for service providers in neighborhood centers.”