Medical Office Vacancy at Decade Low
- Vacancy reached a decade low 8.8% vacancy
- Net absorption has been positive for six quarters
- Asking rents increased to $2.44 psf NNN
Southern Nevada’s medical office market has had six consecutive quarters of positive net absorption, with especially strong demand experienced in the first quarter of 2021 and third quarter of 2021. With no new medical developments completed in the past four quarters, this demand has brought vacancy down to 8.8%. The weighted average asking rental rate for medical office space increased this quarter to $2.44 psf on a full service gross (FSG) basis.
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