By Colliers in Arizona
The Greater Phoenix medical office market posted 6.2 percent rental rate increases over the past 12 months and investment sales were relatively strong in first quarter, despite recording a three-month period of negative net absorption. These statistics are part of the quarterly Medical Office Report released by Colliers in Arizona.
Rental rates for medical office space rose during the past 12 months and are anticipated to continue rising as Phoenix becomes a top tier destination for medical practices to relocate and expand. Phoenix is the top major metropolitan area in the country for population growth, which is driving demand for healthcare services.
Rental rates at the end of first quarter were $22.92/SF, marking a 3.1 percent increase over-the-quarter. Midtown/Phoenix submarket posted the largest year-over-year increase of 10.7 percent to $22.43/SF. This was followed by Chandler and Downtown North submarkets, which increased 9.7 percent to $20.45 and 9.0 percent to $21.58.
Jordan Rose, President and founder of Rose Law Group, moderates Phoenix Global Forum discussion on mining, copper and America’s industrial future
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Arizona’s Copper Crossroads: Inside the High-Stakes Debate Over Mining, Permitting and the Future of the U.S. Supply Chain (Disclosure: Rose Law Group represents Resolution Copper.)
