Healthcare is modifying to meet consumer demand in communities and in rural areas and is seeing changes with the implementation of telemedicine, medical office buildings in retail space, community hospitals and clinics, urgent care and dialysis centers. In a recent breakout session at the 2020 CREW Network Convention, panelists focused on how these modifications are impacting commercial real estate and talked about the impact of Covid on the healthcare system.

When asked if healthcare was recession proof, Lorie Damon, managing director of the healthcare advisory practice at Cushman & Wakefield, said that historically, yes, it has been recession proof, noting that in general, healthcare makes up nearly 20% and 16 million employees and the real estate emanating out of that is fairly substantial with a best guess being around 3 billion square feet.

But consumer spending on healthcare services has dropped pretty significantly in the first quarter, she said. "After an almost uninterrupted increase over the past 30 years, spending dropped off. If patients didn't have to go, they didn't. The result was a steep drop in employment at dentists, doctors' offices etc. from February to April."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.