• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
  • Blog
  • Free Resources
RevistaMed

RevistaMed

  • About
    • Meet Revista
    • Advisory Board
    • Partners
    • Press
    • Rising Leaders Council
    • Sponsorship
    • Contact Us
  • Events
  • Why Subscribe?
    • Featured Products
    • Business Development
    • Underwriting & Due Diligence
    • Asset Management
    • Capital Markets
    • Site Selection & Development
    • Leasing
  • Subscriber Login
Home / Construction/Development / Over $27 Billion Under Construction in the Top Ten Metros

Over $27 Billion Under Construction in the Top Ten Metros

December 4, 2014 by Hilda Martin Topics: Construction/Development

Construction Volume in $ Billions Construction Volume

After review of construction projects in the top ten markets (ranked by population), we have uncovered over $27 Billion in construction activity. Included in this number is any project under construction, or far enough along in the process to have been approved with a start date and projected completion date. New York City tops the list with $4.6 billion under construction – it is leading due to the $2 billion project to renovate Tisch Hospital and add the 830,000 square foot Kimmel Pavilion.

Trailing the group are Los Angeles and Philadelphia, both of which fall beneath the $1 billion threshold. About $7 billion of the current construction in the top ten metro areas is medical office, which comprises about 10 million square feet of new space in 124 buildings. Of those buildings, 94, or 76% are off-campus, supporting the trend of moving locations closer to the consumer/patient.  With $7 billion of medical office under construction, the remaining $20 billion is new hospital construction or additions to existing hospitals. We are continuing to research the remainder of the country and so far we have found over 100 new and replacement hospitals in late planning or under construction, as well as over 200 hospitals adding additional square feet to their location. We’ll keep you posted as we find more and can share new stats!

Hilda Martin
Hilda Martin

Other Articles by Hilda Martin:

    • Strong Fundamentals in Florida Markets
    • Medical Office Rent Growth Accelerates
    • MOB Transaction Volume Cools in 4Q, Cap Rates Creep Up

Previous Post:Griffin American Healthcare REIT III Buys Southlake, TX Hospital
Next Post:In Case You Missed It…

Sidebar

Topics

  • Construction/Development
  • Industry News
  • Leasing/Property Management
  • Mergers/Acquisitions
  • Policy/Legislation
  • Real Estate Financing/Capital Markets
  • Revista Best Practices
  • Revista News
  • Sponsor Spotlight
  • Transactions
  • Uncategorized

Recent Posts

  • Construction Slows in 1Q23
  • Strong Fundamentals in Florida Markets
  • Medical Office Rent Growth Accelerates
  • Alternative Asset Sales Activity
  • MOB Transaction Volume Cools in 4Q, Cap Rates Creep Up

Archives

Upcoming Events

  • There are no upcoming events.

Other Free Resources

Industry Directory

Search for and/or list your medical real estate services in Revista’s medical real estate directory.

Reports & White Papers

Download free reports & white papers on medical real estate.

Add Lease/Sale Listing

Revista provides free lease/sale listings for healthcare real estate.

Ready to Schedule a Demo?

Get in Touch Now
  • Why Subscribe?
  • Events
  • The MOB Scene
  • Add A Directory Listing
  • Add Lease/Sale Listing
  • Contact Us
  • Sponsorship
  • About
  • Terms of Use
  • Press

SIGN UP FOR MOB SCENE NEWSLETTER

  • Twitter
  • Facebook
  • LinkedIn