X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The medical office market in Phoenix has seen increasing demand, with a falling vacancy rate since 2012. In the West I-10 submarket, the vacancy rate is as low 4%. However, this year, the vacancy rate is expected to increase, not because of the pandemic, but because new construction projects expected to deliver this year.

“Three of the top five largest healthcare facilities currently under construction are hospital expansions,” Phil Hernandez, research manager at Colliers International, tells GlobeSt.com. “New construction of office medial has continued to follow population growth patterns. Focal areas are the southeast valley and the northwest and west valley. Of the properties that were either built in 2019 or are currently under construction 83%, of them are within these three areas.”

Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

More from this author

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. Healthcare Real Estate 2020Event

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.