News
NYC Hospitals Are Spending Billions To Update, Expand Facilities
The healthcare sector in New York is surging as hospitals rush to add preventative health services while updating aging facilities.
A survey from the New York Building Congress shows city hospitals spent more than $6B on construction from 2013 to 2015, and they are expected to shell out more than $8.2B to keep updating facilities between 2016 and 2018, the Wall Street Journal reports. That price tag isn’t surprising considering hospitals are among the most expensive buildings to construct, with costs running as high as $1.7k/SF in specialized facilities.
As consolidation continues in the industry, the report says construction will add 2M SF of medical space from 2016 through 2020. [WSJ]
