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Improvement in Phoenix Health Care Real Estate

PHOENIX-Transwestern's recent report for medical office buildings highlights gradually declining vacancy, positive net absorption and an increase in asking rent to $22.60 per square foot.

By Amy Wolff Sorter | Updated on August 21, 2013

PHOENIX-Though the Q2 2013 healthcare real estate vacancy rate of 19.3% could be considered somewhat high by some standards, according to Transwestern’s recent Phoenix Medical Report, this number is at its lowest since 2008. The current vacancy rate is down from the 19.8% reported during the same time last year.

The report also notes that there were large disparities between on-campus versus off-campus product; while off-campus healthcare real estate had a 21.5% vacancy rate, its on-campus counterpart was more stable at 13.4%. The total inventory is 14.9 million square feet.

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