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A New Twist on Property Condition Assessments

by Chuck Stevens 29. April 2014 05:40

One of the turns from the recession has been a renewed emphasis on repurposing existing buildings. 

In the healthcare field, there is a particular emphasis due to the Affordable Care Act, which through new reimbursement models, drives services to be centralized in an ambulatory care setting rather than in a traditional in-hospital format. According to the Geiger Gibson Program in Community Health Policy at George Washington University, Washington, D.C., the number of patients served by smaller community health centers will nearly double those served in 2009 – climbing to 33.8 million by 2015. And the Urban Land Institute estimates that the 32 million people anticipated to be ultimately insured under the ACA will translate into a need for an additional 64 million square feet of medical space.  

The result is a trend in siting community-based medical office buildings in a hub and spoke type of scenario off the hospital campus. The trend also sets up a new twist on property condition assessments, PCAs. 

Former retail, office or other space targeted by healthcare providers places importance on condition and suitability in unique ways – from structure to access. And lenders may, in fact, require documentation about the condition of that property being considered before they make a determination to move forward with financing of the transaction.

Through our experience on thousands of properties across the nation, we have recognized that due diligence on a property often means fragmented information and information gaps collected from numerous sources. Not an ideal situation for informed decisions. 

To provide buyers with cohesive information for more informed decisions, we have designed a single-source PCA to meet the precise needs or desires of a buyer. Fully tailored to a buyer’s needs and direction, the PCA is scalable from a basic quick-look investigation to a detailed assessment of all aspects of a site and building. If you are interested in finding out more, send us a note at chuck.stevens@rasmithnational.com

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