Convenience and safety drive continued expansion of medical retail space
Prior to the onset of COVID-19, medical service providers had been expanding rapidly into retail spaces including shopping centers and urban storefronts. Common medical retail tenants include urgent care centers, dentists, physical therapy providers, dialysis clinics and eye care centers. The primary driver of this trend has been the desire to create a convenient experience for the patient/consumer as retail developments tend to offer high visibility, ample parking and central locations near residential populations, according to Newmark Knight Frank.
Urgent care centers in particular have seen dramatic growth in recent years, with the number of locations across the United States increasing by 58 percent since 2013. Many of these providers are located inside chain drugstores. For example, MinuteClinic operates more than 1,100 locations within CVS Pharmacy and Target Stores. Other urgent care centers lease their own retail spaces, including such national leaders as Concentra, M