HOUSTON – Overall vacancy for local medical office space is at 16.2 percent, down 20 basis points from last year’s 16.4 percent, according to the latest market report from NAI Partners.
Five months into 2022, medical office space recorded about 466,000 sf of leasing activity (both new leases and renewals). Net absorption (move-ins minus move-outs) registered positive 153,000 sf, a year-over-year improvement from negative 125,000 sf.
So far this year, 1.2 million sf of medical office developments are under construction, while 208,000 sf have been delivered.