REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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REOC Releases 4Q 2016 Medical Office Market Report

Source: REOC San Antonio/Xceligent

Source: REOC San Antonio/Xceligent

The San Antonio medical office market retained its positive gains into the fourth quarter to complete an overall positive year in 2016. The stable local economy and expanding demographics proved to be a stimulus for healthy leasing activity following demand for medical office space.

The year-end total reached 83,514 square feet of positive net absorption after the fourth quarter supplied 15,940 square feet of additional gain. Three new buildings were delivered during the fourth quarter which contributed 65,983 square feet of medical-only office space to the market, bringing the inventory to more than 7.1 million square feet.

Leasing activity within existing medical office buildings continued to show little to no change coming to an end of the fourth quarter, at 20.5%. In the fourth quarter, the average quoted citywide rental rate continued upward to reach $24.96 per square foot per year on a full-service basis, which is a significant jump from $24.67 that was recorded last quarter.

Looking to the next year, new product in the development pipeline includes the seven-story Live Oak Hills Medical Office Building (72,754 sf) located on the Methodist campus at 4458 Medical Drive in the South Texas Medical Center.

 

Click the following link to download REOC San Antonio’s complete report: 4Q 2016 Medical Office Market Report

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