“It was a blessing in disguise. If I hadn’t had the non-compete, I would have never considered Georgetown,” said a client who first looked for optometry practices for sale before launching her start-up.
Without the guidance of Practice Real Estate Group’s medical real estate broker looking at data along with the full landscape, Georgetown, Texas would have remained overlooked.
Medical office real estate in Georgetown, Texas often goes overlooked, eclipsed by other booming suburbs in Central Texas. Perhaps outsiders view the town as a retiree town, a little sleepy. But Practice Real Estate Group’s medical real estate broker team is consistently finding incredible opportunities for practices. Recently, the team found a perfect (and available!) space right in the middle of the charming and walkable downtown square.
Read on to see the data that’s influencing our decision-making. From the growth to the warm business environment, Georgetown’s medical office real estate finds itself on our clients’ list of must-see spaces.
In this article
- Population Growth (and why it’s important)
- Economic Growth
- Access to Major Highways
- Big Box Retail
- Education
- Community Engagement
- Georgetown’s Supportive Business Environment
- Real Estate Market
- Quality of Life
Population Growth
If you are a provider looking to open/relocate your practice, you want to consider the long-term growth potential of an area. The 2020 census recorded Georgetown’s population as 68,293. But as of 2024, Georgetown hit a population of 104,721, a 53.34% increase. Georgetown’s annual growth rate sits at 9.52% annually.
In 2023, Georgetown was named the fastest-growing city in the United States for the 2nd year in a row, setting a growth record amongst cities with a population greater than 50,000.
Since 2015, Georgetown has ranked on the list of the top 10 fastest-growing cities, topping the list in 2016, 222, and 2023. Georgetown’s population growth is projected to continue as the town expects an additional 20,000 residents by 2026.
Why does population growth matter? With an increased population comes increased needs for healthcare—from optometry to dentistry. While it’s not the number one factor in identifying ideal medical office real estate, we put it in the top five.
Economic Growth
In the words of Georgetown Mayor Josh Schroeder, “Job growth in Georgetown and across the Austin metro continues to bring new residents to our city.”
Georgetown and other Williamson County towns have received vast economic boosts from investments in Hutto and Taylor by tech moguls such as Tesla and Samsung. In 2024, Tesla announced a $1.5M factory expansion to Hutto, a mere 20-minute drive from Georgetown.
In March, another large company announced its plan to move to Williamson County. Hanwha, a tech group based out of South Korea, is set to open an Auto production facility near Georgetown in partnership with Tesla. Hanwha is anticipating to invest nearly $100 million in the county and bring 180 jobs to the Georgetown area.
More jobs mean more people and more people mean a greater need for healthcare services.
Access to Major Highways
Georgetown’s highway infrastructure provides individuals with expansive transportation possibilities. Proximity to I-35, 130 Tollway, and Highway 29 allows individuals to travel and commute within the regional area quite seamlessly.
In December 2023, Georgetown’s City Council adopted a Future Mobility Plan designed to meet the transportation infrastructure demands of the city’s rapidly growing population over the next 10-25 years.
Big Box Retail
In the past few years, Georgetown has received an influx of development on the retail front. Most notable has been the Georgetown H-E-B at Wolf Lakes Village, located at 1010 W. University Ave, which opened on June 7, 2023. The massive 121,000-square-foot store has elevated the grocery shopping experience with a product selection expanding far beyond what’s been seen. Wolf Lakes Village President Iva Wolf McLachlan referred to the new store as a “magnet” for further residential and commercial movement in the area.
However, it doesn’t end there. On March 27, the planning documents for the construction of yet another H-E-B in Georgetown were filed with the Texas Department of Licensing and Regulation. The site plan detailed the construction of an approximately 110,000-square-foot store and fuel station at 10110 Ranch-to-Market Road 2338, per the Austin Business Journal. The estimated construction cost is around $32 million, with an anticipated opening date in the summer of 2025. Call it the H-E-B effect, as real estate development is sure to follow in its footsteps.
Lowe’s, the home improvement center, is also set to debut in Georgetown in 2025. The new store will be located at 2301 I-35, encompassing a sprawling 120,000-square-foot space. Other tenants are set to occupy smaller shops within the retail center as well.
Why Does Big Box Retail Matter for Medical Office Real Estate?
Large independent retailers expanding operations in America’s fastest-growing city indicate Georgetown’s attractive business climate due to factors such as population demographics, income levels, and growth potential. The decision of a big box store such as H-E-B to open not just one but two stores in less than two years signifies great investment confidence in the region’s economic stability and future growth.
It is essential to highlight the influx of new retail centers spawned at the hands of big-box store construction. For example, grocery stores such as H-E-B draw foot traffic to a retail center, especially upon grand opening. H-E-B’s daily foot traffic works like magic to increase the visibility of complementary tenants, such as a medical practice. With numerous retail developments in Georgetown’s works, it would prove highly rewarding for medical providers to capitalize on potential tenant space available.
Education
Recent data from a Zonda demographics report projected Georgetown Independent School District to add nearly 7,000 new students over the next ten years. In June 2021, Georgetown voters authorized the district to issue $333.42 million in bonds to be used for the construction of new school facilities and capital improvements. Since the passage of the 2021 Bond, GISD has constructed three new school buildings set to open in the 2024-2025 school year.
Areas experiencing growth in school enrollment attract families and children. The family-centric demographic likely requires regular healthcare services such as pediatric care, family medicine, dental care, and preventive healthcare, thereby creating a steady patient base for a medical practice.
Collaboration with local schools can create a strong referral network for your medical practice. This is especially true for new school openings, where pre-existing referral networks may lack strength.
If you’re looking for medical office real estate in Central Texas, contact one of our exclusively medical real estate brokers to guide your search.
Community Engagement
Georgetown receives high local community engagement and support for healthcare services in the area. Organizations such as the Georgetown Health Foundation invest in an array of healthcare services and nonprofit partners to ensure the well-being of the community.
Another important factor to consider is the availability of hospitals, diagnostic facilities, and specialist referral networks. Georgetown is home to three award-winning medical facilities, including St. David’s Hospital, Baylor Scott & White Clinic, and Ascension Seton. Georgetown’s high-quality healthcare networks allow providers to deliver comprehensive, timely, and effective healthcare services to their patients.
Supportive Business Environment
Georgetown takes pride in the small business sector. The City of Georgetown’s Economic Development Department’s mission is to provide a supportive business community where businesses can and want to grow, providing a list of comprehensive resources for small businesses via their website.
Georgetown’s Business Retention & Expansion Program (BR&E) supports local businesses to grow and strengthen Georgetown’s economy. The BR&E team connects individuals looking to start their business in Georgetown to current business leaders. The BR&E team helps existing businesses expand as well, hosting numerous events throughout the year to engage local businesses with the Georgetown community. See Events Here
Additionally, Georgetown has one of the lowest utility and tax rates in the Central Texas region.
For those looking to relocate their medical office real estate, Georgetown offers incentives for businesses that relocate or expand to Georgetown.
Real Estate Market
Just 30 minutes outside of downtown Austin, Georgetown’s cost of living is far less than Austin’s. According to the U.S. Census, the 2022 median household income for Georgetown was $87,565. The median household income in Georgetown is 20% above the national average, whereas the cost of living is much lower than in surrounding areas.
In February 2024, Georgetown home prices were selling at a median price of $446,767. The median selling home price per square foot was $219. Georgetown In contrast, the median selling home price for Austin was listed at $569,674 at $311 per square foot. Austin
Housing Market Trend Chart
Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.
Georgetown’s low residential prices are echoed on the commercial real estate side as well. According to LoopNet, the average cost for Retail Space in Austin is about $34.01/sqft/year, whereas Georgetown sits at about $28.33/sqft/year. For larger practice spaces, the small differential in rent rates proves to be quite costly. Capitalizing on Georgetown’s promising medical office real estate market now could save you thousands of dollars on expenses each year.
Quality of Life
Lastly, with a charming downtown area and numerous recreational amenities, Georgetown is a desirable place to both work and live. Georgetown’s reputation for having the “Most Beautiful Town Square in Texas” attracts numerous locals and tourists alike.
Each year, the city of Georgetown boasts numerous festivals and community events. One of Georgetown; ‘s most infamous events is the annual Red Poppy Festival filled with three days of shopping, eating, parades, art, inflatables, music, and more. This also includes music festivals such as Two Step Inn, a musical festival that first debuted in April 2023 and features nearly 40 artists across three stages in San Gabriel Park. In 2023, 30,000 fans attended the event. See here a list of Georgetown’s annual festivals & events.
The combination of population growth, demographic diversity, proximity to larger urban centers, quality of life, economic stability, and business support proves Georgetown to be an excellent location for opening a medical practice. For those curious about medical office real estate opportunities in this flourishing suburban market, contact PRG’s medical real estate broker team here.
