Medical Office Condo Market Strong in Kissimmee

KISSIMMEE, FL-Acting on strong market demand, Orlando-based Atco Partnership plans to break ground in April on 737 West Oak, a two-story, 28,000-sf, $4.7-million structure that is already 50% pre-leased, Atco general partner Kevin Cole tells GlobeSt.com. The project is expected to open in spring 2005.

The $60-million expansion taking place at nearby Osceola Regional Hospital is spurring demand for new commercial product, particularly medical offices, the developer says. The site is across the street from Osceola Regional Hospital, 20 miles south of Downtown Orlando and about 15 miles southeast of Walt Disney World.

“The medical office market immediately surrounding Osceola Regional Hospital is above 95% occupancy, with average rents in the $16.50 per-sf, NNN range,” Cole tells GlobeSt.com. “With the population of Osceola County quickly growing and the hospital undergoing a large expansion, the demand for doctors and the space to house them increases.”