Medical Office Not Immune to Covid-19
- Medical office suffered negative net absorption in the fourth quarter
- Vacancy increased to 11.2 percent this quarter
- The average asking rental rate remained the same
Southern Nevada’s medical office market experienced its first negative net absorption in six quarters, and its first post-business closures negative net absorption in the fourth quarter. There were no new medical office buildings completed in the fourth quarter, leaving year-to-date inventory growth at 112,248 square feet. Negative net absorption sent medical office vacancy up to 11.2 percent, the highest it has been since the fourth quarter of 2019. Asking rental rates remained at $2.25 per square foot (psf) on a full service gross (FSG) basis this quarter.
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