“It was a blessing in disguise. If I hadn’t had the non-compete, I would have never considered Georgetown,” said a PRG client who initially searched for optometry practices for sale before launching her start-up.
Without a data-driven analysis and comprehensive market evaluation, Georgetown, Texas might remain overlooked by healthcare practice owners. While many see it primarily as a retirement community, PRG’s healthcare real estate team consistently uncovers exceptional opportunities for medical practices in this rapidly growing area. Recently, our team located an ideal space in Georgetown’s walkable and vibrant downtown square.
Let’s examine the data driving our recommendations for Georgetown as a prime location for healthcare practices.
Population Growth: The Foundation for Practice Success
For healthcare providers considering practice location, long-term growth potential is crucial. Georgetown’s population has surged from 68,293 in 2020 to 104,721 in 2024—a remarkable 53.34% increase with an annual growth rate of 9.52%.
Georgetown has earned the distinction of being named the fastest-growing city in the United States for two consecutive years (2022-2023) among cities with populations over 50,000. This impressive growth trajectory is projected to continue, with an additional 20,000 residents expected by 2026.
Population growth directly correlates with increased healthcare demand across all specialties. While not the only factor in identifying optimal practice locations, we consider it among the top five criteria when evaluating healthcare real estate opportunities.
Economic Development Creating Patient Base Growth
“Job growth in Georgetown and across the Austin metro continues to bring new residents to our city,” notes Georgetown Mayor Josh Schroeder.
Major investments from technology companies have significantly boosted Georgetown and Williamson County’s economy. Tesla announced a $1.5M factory expansion in nearby Hutto (just 20 minutes from Georgetown) in 2024. Additionally, South Korean tech group Hanwha plans to invest nearly $100 million in an auto production facility near Georgetown in partnership with Tesla, bringing 180 new jobs to the area.
This job creation drives population growth, which directly translates to increased demand for healthcare services.
Strategic Location and Transportation Infrastructure
Georgetown’s position relative to major highways—I-35, 130 Tollway, and Highway 29—provides excellent accessibility for both patients and practitioners. In December 2023, Georgetown’s City Council adopted a Future Mobility Plan designed to support the city’s growing transportation needs over the next 10-25 years.
Retail Development Signaling Market Strength
Georgetown has experienced significant retail growth, highlighted by the opening of a 121,000-square-foot H-E-B at Wolf Lakes Village in June 2023. Wolf Lakes Village President Iva Wolf McLachlan described the new store as a “magnet” for additional residential and commercial development.
A second H-E-B location (approximately 110,000 square feet) is planned for 2025, with an estimated construction cost of $32 million. Lowe’s is also developing a 120,000-square-foot home improvement center in Georgetown scheduled to open in 2025.
Why Retail Development Matters for Healthcare Practices
Major retailers choose expansion locations based on favorable population demographics, income levels, and growth potential. When companies like H-E-B invest in multiple locations within a short timeframe, it signals strong confidence in the area’s economic stability and future growth.
New retail centers anchored by major stores create valuable foot traffic that increases visibility for adjacent healthcare practices. With numerous retail developments underway in Georgetown, medical providers have excellent opportunities to secure strategically positioned office space.
Education Growth Indicating Family-Friendly Demographics
Georgetown Independent School District projections show nearly 7,000 new students are expected over the next decade. In response, Georgetown voters approved $333.42 million in bonds for new school facilities, with three new schools opening for the 2024-2025 academic year.
Communities with growing school enrollment attract families—a demographic that typically requires regular healthcare services including pediatric care, family medicine, dental care, and preventive healthcare. This creates a stable patient base for medical practices.
Furthermore, establishing relationships with local schools can develop strong referral networks, particularly in areas with new school openings where existing referral systems may be less entrenched.
Community Health Focus and Medical Infrastructure
Georgetown demonstrates strong community engagement and support for healthcare services. The Georgetown Health Foundation invests in diverse healthcare services and nonprofit partnerships to enhance community well-being.
The area is home to three award-winning medical facilities: St. David’s Hospital, Baylor Scott & White Clinic, and Ascension Seton. This established healthcare infrastructure enables providers to deliver comprehensive care while maintaining strong referral networks.
Business-Friendly Environment
Georgetown actively supports small business development through its Economic Development Department. The city’s Business Retention & Expansion Program (BR&E) connects new business owners with established business leaders and hosts regular community engagement events.
The city offers competitive advantages including:
- Comprehensive resources for small business development
- One of the lowest utility and tax rates in Central Texas
- Incentives for businesses relocating or expanding to Georgetown
Favorable Real Estate Market Conditions
Located just 30 minutes from downtown Austin, Georgetown offers significant cost advantages. The 2022 median household income in Georgetown was $87,565—20% above the national average—while maintaining a lower cost of living than surrounding areas.
In February 2024, Georgetown’s median home price was $446,767 ($219 per square foot), compared to Austin’s $569,674 ($311 per square foot). This residential price advantage extends to commercial real estate as well.
Commercial retail space in Georgetown averages $28.33/sqft/year versus Austin’s $34.01/sqft/year. For healthcare practices requiring larger spaces, this difference translates to significant annual savings.
Housing Market Trend Chart
Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.
Quality of Life Supporting Practice Stability
Georgetown’s charm—including its reputation for having the “Most Beautiful Town Square in Texas“—and numerous recreational amenities make it an attractive place to both work and live. This quality of life helps medical practices attract and retain both staff and patients.
The city hosts numerous community events throughout the year, including the popular Red Poppy Festival and the Two Step Inn music festival, which attracted 30,000 attendees in its 2023 debut.
The Georgetown Opportunity for Healthcare Practices
The combination of rapid population growth, demographic diversity, strategic location, quality of life, economic stability, and business support makes Georgetown an excellent location for establishing or relocating a healthcare practice.
For healthcare providers interested in exploring medical office opportunities in this thriving market, contact PRG’s healthcare real estate team for data-driven guidance tailored to your specialty and practice goals.
