Currently, there are over 328 million people in the U.S. and over seven billion in the world. Due to several factors including advances in medical treatment, improvements in healthcare coverage, increases in healthy lifestyles, and the aging baby boomer generation, people are living longer than ever before. As a result, this means the older population is rapidly growing. Population reports and data from the U.S. Census Bureau and the United Nations show that in 2006, about 37 million Americans were 65 years or older. By 2016, one of every seven Americans, or 49.2 million, had reached age 65. By 2060, that number is predicated to double: 98 million Americans will be at least 65 and will significantly outnumber children younger than five years old.
This current and expected climate of the aging population has created an immense demand for healthcare services. Based on a report by the National Center of Health Statistics, the 65 and older population averages 6.6 visits per year, while the rest of the population averages 2.5 visits per year. Older adults utilize healthcare services nearly three times more than younger people and have more chronic conditions which require unique and long term treatments. This demographic demand has also caused a surge in healthcare job growth as it outpaced nearly every other major sector of the economy in 2018.
This demographic shift and robust job growth not only reflects the rising demand for healthcare services, but overall needed demand for medical office space. CoStar estimates that the total medical office space that needs to be added over the next decade is over 208 million square feet. With the unwavering demand, Matthews™ analyzes key aspects of the medical sector, current state of the medical office market, and what’s in the cards for this dynamic and transforming industry.
Category: Healthcare
Tags: Healthcare, Medical Office, medical real estate
Recent Articles
Recent Media & Thought Leadership
5/3/2024
Why Invest in Dallas-Fort Worth?
Why Invest in Dallas-Fort Worth? Dallas-Fort Worth (DFW) is the...
5/3/2024
New Law Alert: Good Cause Eviction in New York City
Good Cause Eviction in New York City A recent law...
5/2/2024
Changes to the Los Angeles Mansion Tax and Measure ULA
Changes to the Los Angeles Mansion Tax and Measure ULA...
5/1/2024
Topline/Bottom-line: Q1 Brooklyn Industrial Market Update
Q1 Brooklyn Industrial Market Update Below, you’ll find an overview...
4/30/2024
Industrial Market Report | Jacksonville, FL
Q1 Jacksonville Industrial Market Report Jacksonville By The Numbers |...
4/29/2024
Q1 Multifamily Market Report | Denver, CO
Q1 Denver Multifamily Market Report Market Overview The Denver multifamily...
4/29/2024
Q1 Multi-Tenant Retail Market Report | Savannah, GA
Savannah Multi-Tenant Retail Market Report Market Overview With a strong...
4/29/2024
Q1 Multi-Tenant Retail Market Report | Augusta, GA
Q1 Augusta Multi-Tenant Retail Market Report Market Overview The Augusta...
4/26/2024
Q1 Industrial Market Report | Northwest Houston
Northwest Houston Industrial Market Report Houston Northwest Inner Loop Submarket...