MINNETONKA, MN-If the remainder of 2013 follows the course set during the first half, the country could see about 10.3 million square feet of medical office space delivered. That would mark a significant increase from 2012, when 7.8 million square feet of newly constructed healthcare real estate space hit the market.
The construction figures come by way of national real estate firm Marcus & Millichap Real Estate Investment Services, which recently issued its first half Medical Office Research Report.
While the 2013 healthcare real estate construction estimates are good news for those involved, the numbers fall well short of the go-go years of 2007-2009. During that time, however, a good share of all MOB construction was speculative, resulting in a vacancy jump of 170 basis points.
The development landscape today is drastically different. Most notably, of the 5.3 million square feet already de