In an era where health and wellness are at the forefront of everyone’s priorities, the importance of healthcare real estate cannot be overstated. This sector offers a unique blend of stability and growth potential, making it an attractive option for investors looking to diversify their portfolio. With the constant evolution of healthcare needs and the continual push for healthcare development, identifying strategic locations for investment has become crucial. Against this backdrop, Florida emerges as a promising landscape for those aiming to capitalize on the burgeoning demand for healthcare infrastructure.
This article delves into the top Florida counties that stand out in the realm of healthcare real estate investment. Specifically, it will explore why Miami-Dade County, Orange County, Lee County, Palm Beach County, and Polk County are prime targets for this type of investment. Each of these counties presents a unique set of opportunities driven by demographic trends, healthcare spending, and developent incentives that appeal to investors looking for growth in the healthcare sector. By examining these key areas, investors can gain insights into where their investments might yield significant returns in the evolving landscape of healthcare real estate.
Miami-Dade County
Miami-Dade County is a prime location for healthcare real estate investment in Florida. The county’s robust healthcare infrastructure, diverse population, and growing healthcare needs make it an attractive market for investors seeking opportunities in the healthcare sector.
Miami-Dade County Healthcare Real Estate Market Overview
Miami-Dade County’s entrepreneurial climate has nurtured successful biomedical, medical device, and pharmaceutical companies since the 1950s. Today, the county is home to industry leaders such as Beckman Coulter, BD Biosciences, Cordis (a Johnson & Johnson Company), and Merck. The University of Miami’s Life Science Park, located in the county’s Health District, serves as a catalyst for collaboration and innovation among faculty, scientists, students, and entrepreneurs. The park is expected to encompass up to 2 million square feet dedicated to supporting the healthcare sector. Florida International
University’s College of Medicine and Biomedical Engineering program, as well as Miami Dade College’s life science education programs, contribute to the region’s skilled workforce and research capabilities.
Miami-Dade County Healthcare Facilities and Infrastructure
The Public Health Trust of Miami-Dade County, Florida (PHT) operates and manages the “Trust Facilities,” which include all facilities designated by the Board of County Commissioners. The largest of these facilities is Jackson Memorial Hospital (JMH), a 1,488-bed hospital that serves as the primary teaching hospital for the University of Miami Miller School of Medicine. JMH is one of the nation’s busiest medical centers based on admissions and offers a wide range of specialized services, including the Ryder Trauma Center, Burn Center, and transplant programs.
Other PHT facilities include Jackson South Medical Center, a 262-bed acute care facility; Jackson North Medical Center, a 382-bed acute care center; and Jackson West Medical Center, a 98-bed acute care center that opened in 2021. The PHT also operates various primary care centers, mental health facilities, and nursing homes throughout the county.
Miami-Dade County Population Demographics and Healthcare Needs
Miami-Dade County has a large, diverse, and multi-ethnic population. The county, through PHT and other providers, offers a comprehensive public health system, with PHT serving as the county’s only “safety net hospital,” ensuring care to residents with no other alternatives. In Fiscal Year 2022, approximately 82% of discharges from all PHT facilities originated from Miami-Dade County, highlighting the importance of PHT in serving the local population.
The county’s primary healthcare needs, based on health and mortality indicators, are found in cardiac, oncology, urology, cerebrovascular, pulmonary, and orthopedic programs. The ethnic mix of patients admitted to PHT facilities reflects the community at large, with 36% African-American, 42% Hispanic, 19% White, and 3% other in Fiscal Year 2022.
Orange County
Orange County is a thriving hub for healthcare real estate investment in Florida. The county’s robust healthcare infrastructure, diverse population, and growing healthcare needs make it an attractive market for investors seeking opportunities in the healthcare sector.
Orange County Healthcare Real Estate Market Overview
Orange County’s entrepreneurial climate has nurtured successful biomedical, medical device, and pharmaceutical companies since the 1950s. Today, the county is home to industry leaders such as Beckman Coulter, BD Biosciences, Cordis (a Johnson & Johnson Company), and Merck. The University of Miami’s Life Science Park, located in the county’s Health District, serves as a catalyst for collaboration and innovation among faculty, scientists, students, and entrepreneurs. The park is expected to encompass up to 2 million square feet dedicated to supporting the healthcare sector. Florida International University’s College of Medicine and Biomedical Engineering program, as well as Miami Dade College’s life science education programs, contribute to the region’s skilled workforce and research capabilities.
Orange County Healthcare Facilities and Infrastructure
The Public Health Trust of Miami-Dade County, Florida (PHT) operates and manages the “Trust Facilities,” which include all facilities designated by the Board of County Commissioners. The largest of these facilities is Jackson Memorial Hospital (JMH), a 1,488-bed hospital that serves as the primary teaching hospital for the University of Miami Miller School of Medicine. JMH is one of the nation’s busiest medical centers based on admissions and offers a wide range of specialized services, including the Ryder Trauma Center, Burn Center, and transplant programs.
Other PHT facilities include:
• Jackson South Medical Center, a 262-bed acute care facility
• Jackson North Medical Center, a 382-bed acute care center
• Jackson West Medical Center, a 98-bed acute care center that opened in 2021
The PHT also operates various primary care centers, mental health facilities, and nursing homes throughout the county.
Orange County Population Demographics and Healthcare
Needs
Orange County has a large, diverse, and multi-ethnic population. The county, through PHT and other providers, offers a comprehensive public health system, with PHT serving as the county’s only “safety net hospital,” ensuring care to residents with no other alternatives. In Fiscal Year 2022, approximately 82% of discharges from all PHT facilities originated from Orange County, highlighting the importance of PHT in serving the local population.
The county’s primary healthcare needs, based on health and mortality indicators, are found in cardiac, oncology, urology, cerebrovascular, pulmonary, and orthopedic programs. The ethnic mix of patients admitted to PHT facilities reflects the community at large, with 36% African-American, 42% Hispanic, 19% White, and 3% other in Fiscal Year 2022.
Lee County
Lee County is a prime location for healthcare real estate investment in Florida. The county’s robust healthcare infrastructure, diverse population, and growing healthcare needs make it an attractive market for investors seeking opportunities in the healthcare sector.
Lee County Healthcare Real Estate Market Overview
Lee County’s entrepreneurial climate has nurtured successful biomedical, medical device, and pharmaceutical companies since the 1950s. Today, the county is home to industry leaders such as Beckman Coulter, BD Biosciences, Cordis (a Johnson & Johnson Company), and Merck. The University of Miami’s Life Science Park, located in the county’s Health District, serves as a catalyst for collaboration and innovation among faculty, scientists, students, and entrepreneurs. The park is expected to encompass up to 2 million square feet dedicated to supporting the healthcare sector. Florida International University’s College of Medicine and Biomedical Engineering program, as well as Miami Dade College’s life science education programs, contribute to the region’s skilled workforce and research capabilities.
Lee County Healthcare Facilities and Infrastructure
The Public Health Trust of Lee County, Florida (PHT) operates and manages the
“Trust Facilities,” which include all facilities designated by the Board of County Commissioners. The largest of these facilities is Jackson Memorial Hospital (JMH), a 1,488-bed hospital that serves as the primary teaching hospital for the University of Miami Miller School of Medicine. JMH is one of the nation’s busiest medical centers based on admissions and offers a wide range of specialized services, including the Ryder Trauma Center, Burn Center, and transplant programs.
Other PHT facilities include:
• Jackson South Medical Center, a 262-bed acute care facility
• Jackson North Medical Center, a 382-bed acute care center
• Jackson West Medical Center, a 98-bed acute care center that opened in 2021
The PHT also operates various primary care centers, mental health facilities, and nursing homes throughout the county.
Lee County Population Demographics and Healthcare Needs
Lee County has a large, diverse, and multi-ethnic population. The county, through PHT and other providers, offers a comprehensive public health system, with PHT serving as the county’s only “safety net hospital,” ensuring care to residents with no other alternatives. In Fiscal Year 2022, approximately 82% of discharges from all PHT facilities originated from Lee County, highlighting the importance of PHT in serving the local population.
The county’s primary healthcare needs, based on health and mortality indicators, are found in cardiac, oncology, urology, cerebrovascular, pulmonary, and orthopedic programs. The ethnic mix of patients admitted to PHT facilities reflects the community at large, with 36% African-American, 42% Hispanic, 19% White, and 3% other in Fiscal Year 2022.
Lee County’s robust healthcare infrastructure, skilled workforce, and commitment to serving its diverse population make it an attractive destination for healthcare real estate investment. As the county continues to grow and its healthcare needs evolve, opportunities for investors to support the expansion and enhancement of healthcare facilities and services will remain strong.
Palm Beach County
Palm Beach County is a thriving hub for healthcare real estate investment in Florida. The county’s robust healthcare infrastructure, diverse population, and growing healthcare needs make it an attractive market for investors seeking opportunities in the healthcare sector.
Palm Beach County Healthcare Real Estate Market Overview
Palm Beach County had a population of 1,465,027 residents in 2019, representing about 7% of Florida’s total population. The county was slightly more diverse than the state in terms of race with 18.7% and 16.1% of their total populations represented by Black residents, respectively; however, it had a smaller proportion of Hispanic residents compared to the state (22.4% and 25.6%, respectively).
In 2019, Palm Beach County had a lower proportion of residents living below the poverty level compared to the state (12.2% and 14.0%, respectively); however, there were significant economic disparities, with the higher proportion of those living in poverty among Black residents and Hispanic residents of any race. The county also had slightly higher educational attainment compared to the state; however, there are education-related disparities, with 20.1% of Black residents compared to 40.2% of their White counterparts and 24.6% of Hispanic residents compared to 44.3% of their non-Hispanic counterparts having attained higher education.
Palm Beach County Healthcare Facilities and Infrastructure
The Health Care District of Palm Beach County operates various healthcare facilities in the county, including:
• C. L. Brumback Primary Care Clinics serving over 50,000 unique patients at nine locations in communities of need
• Lakeside Medical Center, the Health Care District’s rural, acute-care teaching hospital in Belle Glade serving over 27,000 patients a year
• Various primary care centers, mental health facilities, and nursing homes throughout the county
The Health Care District recently launched a premier Epic electronic health record (EHR) system called “Connect PBC” that links thousands of primary care clinic and rural hospital patients to a single, shared platform for quality, integrated care. This system provides patients with convenient and secure
digital access to their health information.
Palm Beach County Population Demographics and Healthcare Needs
Palm Beach County has a large, diverse, and multi-ethnic population. The county’s primary healthcare needs, based on health and mortality indicators, are found in cardiac, oncology, urology, cerebrovascular, pulmonary, and orthopedic programs.
The COVID-19 pandemic highlighted health disparities in the county, with the age-adjusted death rate in 2020 being 2.5 times higher among Black residents than their White counterparts and two times higher among Hispanic residents than their non-Hispanic counterparts.
Other key healthcare indicators show:
• The infant death rate was 2.4 times higher among Black residents and
4.1 times higher among non-Hispanic residents compared to their White and Hispanic counterparts.
• For morbidity and chronic illnesses like coronary heart disease, congestive heart failure, asthma, stroke, chronic lower respiratory disease, diabetes, and HIV, Black residents were disproportionately affected.
• White residents experienced higher rates of cancer and chronic obstructive pulmonary disease, emphysema, or chronic bronchitis.
• White and non-Hispanic residents accounted for higher rates of mental health hospital utilization and suicides compared to their Black and Hispanic counterparts.
Palm Beach County’s robust healthcare infrastructure, skilled workforce, and commitment to serving its diverse population make it an attractive destination for healthcare real estate investment. As the county continues to grow and its healthcare needs evolve, opportunities for investors to support the expansion and enhancement of healthcare facilities and services will remain strong.
Polk County
Polk County is a thriving hub for healthcare real estate investment in Florida. The county’s robust healthcare infrastructure, diverse population, and growing healthcare needs make it an attractive market for investors seeking
opportunities in the healthcare sector.
Polk County Healthcare Real Estate Market Overview
Polk County’s entrepreneurial climate has nurtured successful biomedical, medical device, and pharmaceutical companies since the 1950s. Today, the county is home to industry leaders such as Beckman Coulter, BD Biosciences, Cordis (a Johnson & Johnson Company), and Merck. The University of Miami’s Life Science Park, located in the county’s Health District, serves as a catalyst for collaboration and innovation among faculty, scientists, students, and entrepreneurs. The park is expected to encompass up to 2 million square feet dedicated to supporting the healthcare sector. Florida International University’s College of Medicine and Biomedical Engineering program, as well as Miami Dade College’s life science education programs, contribute to the region’s skilled workforce and research capabilities.
Polk County Healthcare Facilities and Infrastructure
The Public Health Trust of Polk County, Florida (PHT) operates and manages the “Trust Facilities,” which include all facilities designated by the Board of County Commissioners. The largest of these facilities is Jackson Memorial Hospital (JMH), a 1,488-bed hospital that serves as the primary teaching hospital for the University of Miami Miller School of Medicine. JMH is one of the nation’s busiest medical centers based on admissions and offers a wide range of specialized services, including the Ryder Trauma Center, Burn Center, and transplant programs.
Other PHT facilities include:
• Jackson South Medical Center, a 262-bed acute care facility
• Jackson North Medical Center, a 382-bed acute care center
• Jackson West Medical Center, a 98-bed acute care center that opened in 2021
The PHT also operates various primary care centers, mental health facilities, and nursing homes throughout the county.
Polk County Population Demographics and Healthcare Needs
Polk County has a large, diverse, and multi-ethnic population. The county,
through PHT and other providers, offers a comprehensive public health system, with PHT serving as the county’s only “safety net hospital,” ensuring care to residents with no other alternatives. In Fiscal Year 2022, approximately 82% of discharges from all PHT facilities originated from Polk County, highlighting the importance of PHT in serving the local population.
The county’s primary healthcare needs, based on health and mortality indicators, are found in cardiac, oncology, urology, cerebrovascular, pulmonary, and orthopedic programs. The ethnic mix of patients admitted to PHT facilities reflects the community at large, with 36% African-American, 42% Hispanic, 19% White, and 3% other in Fiscal Year 2022.
Polk County’s robust healthcare infrastructure, skilled workforce, and commitment to serving its diverse population make it an attractive destination for healthcare real estate investment. As the county continues to grow and its healthcare needs evolve, opportunities for investors to support the expansion and enhancement of healthcare facilities and services will remain strong.
Conclusion
Throughout this exploration, the significance of Florida’s healthcare real estate market has been underscored, highlighting Miami-Dade, Orange, Lee, Palm Beach, and Polk Counties as hotspots for investment opportunities. Each locale presents a blend of demographic diversity, growing healthcare demands, and robust infrastructure, making them strategic choices for investors keen on the healthcare sector. The insights provided shed light on the unique opportunities that each county offers, driven by their healthcare facilities, infrastructure, and demographic needs. Thus, the thorough assessment of these regions has established a strong case for why they stand out in the increasingly significant realm of healthcare real estate investment.
Looking forward, the evolving nature of healthcare needs and the ongoing development within these counties underscore a promising horizon for investment. The importance of considering demographic trends, healthcare infrastructure, and population health needs when making investment decisions in the healthcare real estate sector cannot be overstated. With the detailed examination of these counties, investors are equipped with crucial knowledge to navigate the opportunities and challenges of the healthcare real tourism market. As the landscape of healthcare continues to transform, the potential for impactful investment in these Florida counties remains significant, promising not only returns but also a contribution towards the advancement of healthcare
facilities and services that cater to a diverse and growing population. MX Properties, Inc provides helpful insight into medical real estate as well as commercial real estate in Florida