ORLANDO—2801 Ocean Drive is a nice address for a medical office. Amalgamated Realty just inked a 1,066-square-foot lease with Vero Spine and Sport Rehab at the facility.

Cushman & Wakefield senior associate Michael J. Gerrior presented the landlord. Gerrior has reduced the building's vacancy from 70% to 13% in less than eight months.

“The Vero Beach office market, including space specifically targeting medical use, has steadily improved since the third quarter of 2013, dropping 5.9 percentage points overall,” Florida research manager Chris Owen tells GlobeSt.com. “Coming out of the recession and continuing today, Vero Beach has been a magnet for retirees and service businesses that cater to that demographic. Coupled with the limited new construction, the city's core fundamentals should remain positive for the next 18 to 24 months.”

2801 Ocean Drive is a three-story, 14,060-square-foot building that Harry Gandy Howle Architect and Associates recently revamped. It offers ocean views, ADA bathrooms with upgraded fixtures and finishes, separately zoned heating and air conditioning, private covered off-street parking, and a vibrant West Indies motif.

“The Vero Beach office market remains very attractive to both users and investors,” says Gerrior. “Demand is being driven by the market's waterfront location, affluent demographic profile, and an unemployment rate which has dropped nine percent in the past five years.”