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Pete O’Neil

The medical office market in Phoenix closed a strong second quarter after an anemic start to the year. According to new research from Colliers International, the medical office vacancy rate in Phoenix dropped to a 10-year low in the second quarter at 14.2%, down 170 basis points from mid-2017. Off-campus medical office product fell even more, down 200 basis points in the last 12 months to 13.3%. The Phoenix market in general has had a strong year across assets classes, and the growing population has driven activity in the medical office sector.

“We had a soft first quarter of the year, and it was nice to see a bounce back in the second quarter of the year,” Pete O’Neil, research director for Greater Phoenix at Colliers International, tells GlobeSt.com. “The drivers for medical office have been population growth and employment growth. That is because with population growth, more people need healthcare services, and with employment growth, more people have coverage.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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