Five tenants have signed leases at the building, showcasing the demand for high-quality boutique medical office building in one of Atlanta's top submarkets. Additionally, NSH Midtown, totaling 170,000 square feet, is slated for delivery later next year.

GlobeSt.com: What do you predict for 2018 for the medical office market?

Olmstead: We believe rental rates will continue to increase, shrinking the delta between rates for existing MOBs and those required for new construction. Therefore, we believe the number of new construction starts will grow during the next 24 months. This will provide expansion opportunities for both private and hospital-owned physician groups.

New MOB inventory and the possible relocation of practices to these offerings, could cause the vacancy rate for Atlanta MOBs to maintain their current downward trend in the near term. However, we anticipate a slowing or stabilization of the vacancy rate for late 2018 through 2020.

As practices relocate to the newer buildings, existing buildings will be backfilled with practices that are more sensitive to the growing occupancy costs the current market demands. As a result, owners of older MOBs are beginning to invest capital to update common areas and reposition assets in an effort to remain as viable healthcare delivery facilities.

Is Atlanta set up for a medical office boom? Get one take. And if you are looking for this type of office space in the region, you might not like this news.