The Tri-State New York metro area, encompassing NYC, NJ, CT, and Long Island, boasts a diverse medical office market with strong demand and unique structural characteristics in each locality. According to JLL’s TriState medical office report, Manhattan features mixed-use buildings that offer convenience in the bustling urban landscape for medical offices. In contrast, the Outer Boroughs have a mix of spaces in both mixed-use and standalone buildings primarily located in less densely populated neighborhoods. Due to its central location and density levels higher rents are commanded by Manhattan while less dense areas provide more affordable alternatives.
Moreover,the U.S population is expected to see an increase of 30% individuals over the age of 55 within this decade alone with those aged 80 years or above projected for growth by as much as 50%. This trend will result in a significant rise for outpatient healthcare services demand across all regions including an estimated growth rate between six to ten percent over five years specifically within the Tri-State area.
