REOC: San Antonio 4Q 2014 medical office market
SAN ANTONIO – The medical office market closed the year with a citywide vacancy rate of 18.5 percent — stable compared to last quarter and up only slightly compared to 18.1 percent recorded in fourth quarter 2014, despite the addition of nearly 222,000 sf of new medical office space.
The cost of renting medical office space remained relatively stable as well — climbing only $0.10 compared to 4Q 2013 to close 4Q 2014 at $23.96 per sf per year on a full-service basis.
Looking ahead, development will continue to deliver new medical space to the San Antonio market in 2015. Houston-based Medistar recently broke ground on the 60,000-sf Victory Medical Office Building.
| All Types | Citywide | CBD | Non-CBD | |||
| 4Q 2014 | 4Q 2013 | 4Q 2014 | 4Q 2013 | 4Q 2014 | 4Q 2013 | |
| Inventory | 6,743,126 | 6,530,352 | 1,059,337 | 1,012,037 | 5,683,789 | 5,518,315 |
| Available | 1,245,016 | 1,180,789 | 154,815 | 82,060 | 1,090,201 | 1,098,729 |
| Vacant | 18.5% | 18.1% | 14.6% | 8.1% | 19.2% | 19.9% |
| Average rent | $23.96 | $23.86 | $20.66 | $20.78 | $24.57 | $24.44 |
| 4Q absorption | -4,533 | 39,409 | -24,242 | 4,690 | 19,709 | 34,719 |
| YTD absorption | 149,715 | 245,206 | -54,122 | 40,281 | 203,837 | 204,925 |
*Statistics based on all multi-tenant industrial facilities 20,000 sf and larger excluding single-tenant, owner-occupied and government buildings.
tag: San Antonio Market Research, San Antonio NewsTalk Texas
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