Houston is one of the fastest-growing cities in Texas. Its population has doubled over the last 40 years, reaching 4.8 million people. There are more than 1,000 births each day in Harris County alone! The population of Cy-Fair increased by 9.4% over a five-year period, from around 552,000 people in 2016 to more than 604,000 in 2021 according to U.S Census Bureau data released earlier this year; this growth rate sheds light on a gap in the real estate market of the Cypress area - the need for new medical developments.
The primary objective of local healthcare organizations is to meet the need for access to healthcare as Cypress's population expands. This starts with increasing the availability of medical facilities and continues through new expansion efforts. According to CEO of Memorial Hermann Cypress Hospital Jerry Ashworth, "When we talk about expansion, it's more than just us adding buildings and parking garages and building out bed units; it's about us expanding the overall level of care that we provide." The demand for medical services is expected to continue growing in Houston as well as across Texas in general because more people are moving to the lone star state post-pandemic era. As the population expands, so will the need for medical real estate. Since 2010, the Houston metro area has recorded an approximate 1 million population increase, and 740,000 more people are anticipated to move here over the next 20 years. The demand for healthcare development has increased across several sectors, including hospitals and clinics, according to new research from CBRE Group Inc. This tremendous rise is proof that the ideal time to invest in real estate is now.
The need for medical facilities rises along with the population. To handle this expanding population, commercial real estate professionals will need to invest in the construction of medical facilities. Investors in medical real estate should keep an eye out for any fresh developments as this is a 'hot commodity' according to the current market condition. Medical services is one industry of commercial real estate that is experiencing expansion despite many other areas seeing a decline. The need for medical care, specifically in Cypress, is rising along with population growth, and this could present chances for those wishing to invest in commercial real estate.
In the Cypress area, there is already a flurry of new construction. In response to the expanding needs of the region, construction is currently taking place at the new Houston Methodist Cypress Hospital. In January, the Fairfield Clinic of the Kelsey-Seybold Clinic opened. At the start of this month, HCA Houston Healthcare also unveiled its brand-new 24/7 Emergency Room facility off Highway 249. Medical center administrators believe that these recent and planned changes are crucial because they spare residents from having to spend significant time, effort, and money traveling all the way downtown to the hospital.
The population of Cypress is expected to continue growing, which means there will be more demand for medical development and healthcare construction. Investors in this sector should be on the lookout for new developments in their area.
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