Opinion: Landmark transaction adds economic engine for Springfield

Ross Murray

When a major commercial real estate transaction closes, we often measure its significance in square feet, investment value and immediate economic activity. But some transactions create an impact that extends far beyond the property itself.

My brother, Ryan Murray, and I recently brokered the sale of one of Jack Henry & Associates Inc.’s office towers to the University of Missouri. The roughly 80,000-square-foot Class A office building will become home to the University of Missouri School of Medicine’s Springfield campus. This is one of those landmark transactions.

Beginning in 2027, the expanded campus is expected to allow students to complete all four years of medical school in Springfield. This represents much more than the successful transfer of a prominent building. It creates the foundation for a powerful new economic engine, one that can strengthen our healthcare system, attract talent and improve the quality of life throughout our region for generations.

Medical schools produce a substantial ripple effect. Faculty and staff are recruited. Students relocate to the area. Research, clinical partnerships and supporting services expand. New investments follow, and businesses throughout the community benefit from the additional economic activity.

Greenville, South Carolina, offers an instructive example. The University of South Carolina opened its four-year School of Medicine Greenville in 2012. A decade later, the Upstate Business Journal reported that the school had contributed approximately $500 million to the local economy, citing figures presented by the school’s dean. The school was projected to contribute nearly $1 billion more during the following decade. Springfield’s program will be smaller, so Greenville’s results should not be viewed as a direct forecast for Springfield. They nevertheless demonstrate how a public medical school can become a lasting source of employment, educational spending, healthcare investment and economic activity in a midsized community.

The most important impact, however, may be the opportunity to address our region’s shortage of physicians.

Springfield and the surrounding communities need more doctors across a variety of specialties. Establishing a complete medical education pathway locally gives our region a better opportunity to recruit future physicians and, critically, encourage them to remain here after completing their training.

People often build their lives where they receive their education and begin their careers. Medical students who spend four years in Springfield will form relationships with local hospitals, clinics, physicians and community organizations. They will come to understand the needs of our patients and the strengths of our region. Many will develop professional networks and personal connections that give them compelling reasons to stay.

Those who remain will do much more than fill essential positions in our healthcare system. They will establish practices, start families, purchase or build homes, and support local restaurants, retailers and service businesses. They will participate in civic organizations, serve on nonprofit boards and become deeply invested in the future of our community.

The benefits will extend beyond Springfield. A stronger pipeline of locally trained physicians could improve access to care throughout southwest Missouri, including smaller and rural communities where physician shortages can be particularly severe. Better access to physicians means earlier diagnoses, more consistent treatment and healthier communities.

This investment also sends an important message about Springfield’s future. It demonstrates that our community is capable of attracting and supporting major institutions and transformative projects. It strengthens our position as a regional center for healthcare, education and professional opportunity. It also gives employers another reason to invest here, because access to high-quality healthcare is an important consideration for businesses, employees and their families.

As one of the brokers involved in the sale, I am proud that this building will take on a purpose with such lasting significance. Commercial real estate is ultimately about creating places where people and organizations can succeed. Few uses could be more meaningful than educating the next generation of physicians and expanding access to healthcare across our region.

Landmark transactions are not defined solely by their size. They are defined by what they make possible.

This transaction makes possible a new generation of physicians educated in Springfield. It creates opportunities to retain highly skilled professionals, grow our economy and support the continued development of our healthcare sector. Most importantly, it has the potential to improve the health and quality of life of the people who call southwest Missouri home.

The full impact will develop over many years, but the opportunity before us is clear. Springfield is not simply gaining another educational facility. Our community is gaining a long-term institution, a source of talent and innovation, and an economic engine that can help shape the region’s future.

That is an outcome worth celebrating and a reminder of what can happen when real estate, education, healthcare and community vision come together.

Ross Murray is president of R.B. Murray Co. He can be reached at ross@rbmurray.com.