Colorado-Real-Estate-Journal_410621

HEALTH CARE, SENIOR & LIFE SCIENCES INSIDE A cornerstone in the Pikes Peak Region, Silver Key is a champion for seniors MorningStar saw a 16% reduction in fall rates over six months using AI technology Silver Key 'Silent falls' PAGE 13 PAGE 14 The health care industry has been slow to adopt environmentally friendly material Mass timber PAGE 5 July 2024 To stay or to go: That is the question Should I stay or should I go now? If I go, there will be trouble And if I stay, it will be double… – Lyrics from “Should I Stay or Should I Go,” by The Clash W hen the London punk band The Clash formed in 1976, the members likely didn’t anticipate the lasting impact their music would have on rock ’n’ roll history. Their raw energy and rebel- lious spirit resonated deeply with a generation, influencing countless bands and music lovers. Nor could they have foreseen that their 1982 hit “Should I Stay or Should I Go” would resonate with the sentiments of medical real estate tenants in Colorado Springs in 2024. Should I stay or should I go now? In 2024, tenants and health sys- tems in the Colora- do Springs market are grappling with this very question. The primary moti- vations for con- sidering a move include: n Downsizing. Transitioning to a more efficient floor plan that optimizes costs and care delivery. In the current eco- nomic climate, efficiency is more critical than ever. Practices are look- ing for ways to reduce overhead while maintaining or improving patient care standards. Smaller, more streamlined spaces can help achieve these goals, reducing rent and utility costs while fostering a more focused and patient-centric environment. n Relocation. Moving to newer and more dynamic sub-markets such as Interquest and Briargate. These areas are experiencing significant growth, offering state-of-the-art facilities, modern infrastructure and a vibrant community atmosphere. The promise of increased visibility and accessibility can be a compel- ling reason to relocate, attracting both new patients and top-tier medical staff. n Upgrading. Seeking better prop- erties that are true medical build- ings, featuring complementary co-tenancy and appropriate park- ing ratios. Modern medical build- ings are designed with the specific needs of health care providers in mind. They offer features such as advanced HVAC systems, special- ized electrical setups, and opti- mized layouts that enhance the overall functionality and patient experience. Additionally, having complementary businesses nearby, such as pharmacies or diagnostic labs, can create a convenient one- stop shop for patients. If I go, there will be trouble Construction costs remain the No. Paul Rubley Director, HealthCare Advisory, Olive Real Estate Group Please see Rubley, Page 17