Vacancies? What vacancies? As medical offices go, the idea of unleased space is practically a foreign concept.
Thanks to an aging population that requires more care and the need for medical office visits when a patient is ill or has a chronic disease, medical offices remain in demand. As a result, in the first quarter of 2023, the national medical office vacancy rate was only 9.2% — just under half the 17.5% vacancy rate for traditional offices.
"From 2019 through the first quarter of 2023, vacancy in medical office properties has only risen 50 basis points nationally," Marcus & Millichap reported in June.
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