BOMA Medical Office; CoreNet Social Media
Yesterday at two great events, we saw how real estate pros are always picking up new tricks, some as timeless as tax exemption techniques and others much more new age.
In Naperville, BOMA's Medical Office Special Interest Group breakfast attracted Waveland Property Group's Jeff Clousing, Colliers Bennett & Kahnweiler's Ted McKenna, and Jones Lang LaSalle's Sean Reynolds. Ted says he's seen a lot more combining of medical groups to save money on real estate, even though many say the recession isn't hitting healthcare as hard as other property types.
Thompson Coburn Fagel Haber's Patrick Cullerton says now isn't the best time to apply for tax-exempt status for a charitable hospital or medical office building because the definition of "charitable" is still being determined—witness a recent Champaign County ruling giving a hospital an exemption despite just .7% of its operating expenses going toward charitable work. (Would it be charitable to call that charitable?) Patrick advises his clients wait to apply, since they can get a refund on any taxes paid later.
Hammes Co.'s Joe Daniel, BOMA's Patricia Schwarze, Illinois Hospital Association's Lori Contreras, and CBK's Ted McKenna stayed a little after to pose for Bisnow. Joe manages a few Illinois medical properties and says business is slowed but not stopped. He's also excited because his stepson, who he taught to play drums, is in a band that just got a gig at US Cellular Field. (Maybe they'll play a charity gig for the medical office industry.)