Major Hospital Expansions Portend Growth Phase

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A wave of hospital expansions is set to transform South Carolina’s health care market, drawing providers out of older spaces and into centralized, system- anded spaces in each of the state’s major markets, according to a Colliers 25Q2 report.

Colliers said this proliferation of investment, triggered by the state’s rapid population growth as well as 2023 updates to South Carolina’s Certificate of Need laws, occurs amidst a national wave of consolidation most recently marked by MUSC’s majority stake in Tidelands Health.

At the same time, it increases risks for aging medical spaces as a preponderance of available space remains in older properties, flattening rents as new medical offices come online, Colliers said.

It said properties adjacent to these new developments may benefit from spillover growth as outpatient providers emerge and seek to benefit from proximity to anchors, particularly as a trend of renovation begins to emerge in legacy spaces.

Hospital systems continue to pursue emergency and urgent care opportunities as footholds for market entry, Colliers said.

The report includes all medical office buildings 20,000 square feet or larger, excluding hospitals or medical facilities with overnight beds.

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