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Like most other asset classes, medical office properties have seen a dramatic decline in revenue during the pandemic. As a result, many tenants have either decided to hold off on expansion plans or have opted for short-term renewals during the pandemic. However, the market is starting to thaw as tenants and owners adjust to this new normal.

“Since most of our tenants need to see their patients in order to generate revenue, the initial shelter-in-place orders had a direct and dramatic impact on many of their bottom lines,” R.J. Sommerdyke, VP of acquisitions at Meridian, tells GlobeSt.com. “As such, many providers who may have previously been looking for a new location or expansion have opted for short-term renewals to conserve resources and buy time to reassess their business plans. With that said, we have seen activity and tour volume increase on all our assets over the past month, which is a good sign that tenants are regaining confidence and making plans for the future.”

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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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