25 Fastest Growing Medical Office Building Markets

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42floors.com gathered data from corporate real estate research and listing platform CommercialEdge to analyze the last decade of medical office building construction activity between 2012 and 2021.

The report examined 25 major commercial real estate markets, analyzing how deliveries and sales volumes in these markets progressed over the last 10 years. (Read more about the methodology here.)

Minneapolis-St. Paul (Minn.) was the fastest growing medical office building market, seeing 24 percent growth over 10 years, according to the report from 42floors.com.

The 10-year growth of the top 25 medical office building markets, according to 42floors.com:

1. Minneapolis-St. Paul (Minn.) – 24 percent

2. Richmond-Tidewater (Va.) – 22 percent

3. Philadelphia – 21 percent

4. Tampa (Fla.) – 18 percent

5. Chicago – 18 percent

6. Dallas – 16 percent

7. San Francisco – 16 percent

8. Houston – 15 percent

9. Denver – 14 percent

10. Indianapolis – 14 percent

11. Atlanta – 14 percent

12. Bridgeport-New Haven (Conn.) – 13 percent

13. San Francisco Bay Area – 12 percent

14. Baltimore – 11 percent

15. Seattle – 10 percent

16. Miami: 10 percent

17. Washington, D.C. – 10 percent

18. Phoenix – 9 percent

19. Los Angeles – 9 percent

20. Boston – 9 percent

21. San Diego – 8 percent

22. New Jersey – 7 percent

23. Orange County (Calif.) – 7 percent

24. Cleveland-Akron (Ohio) – 5 percent

25. Detroit – 5 percent

 

Source: Becker’s ASC Review

Caddis Healthcare Building 60K-Sq-Ft Medical Office In The Dallas-Fort Worth Suburb Of Frisco

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One of the state’s largest medical-facility developers is bringing a new medical office to the DFW suburb of Frisco.

Caddis Healthcare Real Estate, whose portfolio includes over $1 billion in acquisitions and developments across the Lone Star State, is set to build a three-story, 60,000-square-foot medical office in Frisco for $12 million.

The project will start construction at the beginning of next year and is expected to be finished in early 2024. It will include a three-story core building and a shell medical building for staff and equipment ready for a tenant-specific buildout.

Investment in Texas healthcare real estate is hot this year. BMO Harris and Synovus Bank just provided $200 million in funding for a joint venture between Dallas-based Big Sky Medical and Bahraini investor GFH back in August. That project will include 13 medical office buildings across Texas and seven other states.

South Florida investor Salvan Capital also purchased a Dallas medical center for $7 million earlier this year to expand its now $26 million national medical portfolio.

Caddis currently has over 80 assets under management across Texas totaling 5 million square feet, across the state’s major metros.

 

Source: The Real Deal

Healthcare Realty Trust Buys Denver Metro Medical Office Building For $14.8M

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Healthcare Realty Trust has acquired Park Meadows Medical Center, a 34,685-square-foot medical office building in Lone Tree, Colo.

Gulftech International sold the property in an off-market transaction for $14.8 million.

According to CommercialEdge data, the asset last changed hands in 2008, when the previous owner paid $13.2 million for the building.

William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield represented the seller in the transaction.

The three-story building was completed in 2002 and hosts a surgery center. The property features two passenger elevators, has controlled access and offers 111 parking spots at a ratio of 3.2 spaces per 1,000 square feet. At the time of the transaction, the building was fully leased to a variety of medical users and practitioners.

Park Meadows Medical Center is located at 9218 Kimmer Drive, approximately 19 miles south of downtown Denver and has a strategic position near the Interstate 25 and E-470. Other medical facilities in the surrounding area include Reunion Rehabilitation Hospital Inverness, Mountain Medical and Willow Creek Dental, with Sky Ridge Medical Center 2.4 miles away.

CommercialEdge data shows that Healthcare Realty Trust owns another medical center in Lone Tree, less than one mile from Park Meadows Medical Center, which was acquired in 2021, for $7.7 million.

In July, Healthcare Realty Trust partnered with CBRE Investment Management for the purchase of a medical office portfolio in Mission Viejo, Calif., for which the joint venture paid $134.8 million.

 

Source: Commercial Property Executive