Houston medical office market shows tremendous growth

HOUSTON – New reports from CBRE show that the Houston area is one of the top markets for new medical office space, and vacancy rates remain low while rents are pushing upwards. 

Local medical office vacancy dropped to 11.3 percent at the end of 2018, down from 12.7 percent halfway through the year. 

Additionally, rents rose nearly three percent in 2018 to $27.20 per sf compared to $26.25 per sf at the end of 2017.

The market has 15 medical office buildings under construction or in the late phase of planning that will add more than a million sf of medical office space.