HOUSTON – Local medical office vacancy was at 16.7 percent in March, up slightly from 16.6 percent this time last year, according to NAI Partners.
Availability also crept up to 21 percent from 19.1 percent in March 2020.
There was around 863,800 sf of medical office space under construction in March, over double the 415,800 underway in March 2020. There were no deliveries year to date (YTD).
Gross average asking rent ticked up ten cents to $25.77.
Net absorption increased over the year yet remained negative at -29,400 sf YTD compared with -55,900 sf YTD in March 2020. Leasing activity fell to 358,900 sf YTD from 485,700 sf YTD.
Get more Houston-area medical news on the Texas Real Estate Research Center’s website:
Source: NAI Partners