Medical Real Estate in Hialeah: A Constant Growing Demand
Known as Miami’s younger sibling, the City of Hialeah is a unique and thriving submarket of the Greater Miami Metro Area, and it’s experiencing demand for Medical Real Estate.
A Brief History of Hialeah’s Demand for Medical Real Estate
Hialeah has traditionally been a mostly blue-collar city with hard-working, entrepreneurial spirited individuals seeking to provide for their families and achieve financial independence. Like Miami, Hialeah experienced its first massive growth spurt back in the 1960s when the first large wave of Cuban immigrants fled to seek liberty and a new life. During the next four decades, a multitude of those energetic freedom-seekers built lives, established businesses, and raised their families in Hialeah, eventually retiring and aging in place. Beginning in the 1990s thru the early 2000s, Hialeah developed a reputation for its aging population, which fueled its initial growth demand for medical services providers, including some well-known HMO (Healthcare Maintenance Organization) operators that invested and grew alongside Hialeah’s senior patient base.
Future Growth of Hialeah Medical Real Estate
Between 2000 thru 2010, Hialeah experienced an almost textbook economic cycle. As the population aged, their children moved away to college and created their own lives outside of Hialeah, spending slowed, and the city found itself at a somewhat stagnant point. Then, during the middle of the first 2000s decade, the Latin American crisis struck and became Hialeah’s somewhat saving grace, fueling demand for another wave of immigrants, many of which took residency in Hialeah. Towards 2010, Hialeah experienced yet another rebirth, thanks in part to the overpriced real estate market found in other parts of Miami. An unexpected phenomenon began to take shape; the sons and daughters of those immigrants who had helped build Hialeah only decades earlier began returning to Hialeah, investing, and establishing their presence in the city.
There is a saying that to understand Hialeah, one must have to live in it, and it seems that many are beginning to take that adage literally. Hialeah is experiencing yet another population and economic resurgences, which for obvious reasons, will fuel the need for essential products and services. Unlike the population demographics of two decades ago, Hialeah is being made up of younger families with a need for a diversified set of healthcare, dental, and medical services, including everything from adult to pediatric providers. However, as of this writing, the vacancy rate for medical office space in Hialeah is less than 1%, making it difficult for new healthcare services providers to move in and cater to the rising demand.
Investors, developers, and real estate brokers familiar with Hialeah’s medical real estate market will almost categorically agree that demand for healthcare real estate in Hialeah is always strong. The obstacle in fulfilling the need for medical office space is a lack of well-positioned development land, resulting in retrofitting existing buildings or redeveloping non-conforming lots. The 49th Street corridor is Hialeah’s main thoroughfare and generally attracts the highest demand for medical space use due to its central location and high-traffic count. A testament to Hialeah’s healthcare growth needs is a commercial construction project currently underway at the intersection of West 49th Street and 4th Ave, rumored soon to be occupied by two regionally known urgent care and dental services providers.
A Ripe Market for the Future
As a native Hiahlean, having been raised there and later moving away, I experienced the resiliency that exists in the city. It is truly an entrepreneurial market with incredible value-add potential, one which I forecast may very well transform into a Brooklyn of sorts. While Miami is South Florida’s focal point filled with enormous energy and vibrancy for growth, and rightfully so, the City of Hialeah is that landmass to the west holding incredible value and evolving with every market cycle.
Available For Sale – Hialeah Medical Development Site
Irving J. Diaz CCIM is the founder and managing principal of Zureq Realty Advisors. He is a seasoned commercial real estate advisor and broker with over twenty-five (25) years of experience. He is a subject-matter expert involving a variety of commercial and industrial property asset classes and has represented a wide range of clients, including private investors, family trusts, owner-occupiers, and corporate tenants.