Cushman & Wakefield | Commerce(www.comre.com) announced the release of the Q2 2013 Medical Office Snapshot. On campus medical office buildings remain in the highest demand with Class A and Class B building vacancies remaining under 10 percent. Alternatively, off campus medical office buildings continue to have higher vacancy rates than their on campus counter parts.
"The demand for on campus medical office buildings continues to remain strong in the Salt Lake market, with vacancy rates remaining astoundingly low for both Class A and Class B on-campus buildings," said Peter Hanlon, Director - Healthcare Practice Group for Cushman & Wakefield | Commerce. "We are currently experiencing high vacancy rates in Class A off-campus medical office buildings due to the completion of the Hoopes Vision property in Draper and the company's transition from One Sandy Center. This vacancy rate is projected to decline with both buildings being located in very desirable locations with higher end finishes and space options."
With the combination of an aging population and one of the highest population growth rates in the nation, projections point to increased demand in the Utah medical office market. This demand will be met with off campus spaces such as the Hoopes Vision building and One Sandy Center. In addition, the new Evergreen Office Plaza adjacent to St. Mark's Hospital will come on-line the first quarter of 2014.
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