- The medical office market continues to strengthen, despite the recent economic downturn. As has been the case over the past few years, area hospitals and physician practices continue to expand through the metropolitan area. Total inventory in the market stands at approximately 1.3 million square feet of Medical Office Building (MOB) space. Construction of new medical office space continues, as physician practices buy properties and build new offices.
- As of year-end 2003, the overall occupancy of Columbia area MOB’s was 93.3%, more than a full percentage point higher than at mid-year 2003. Average rental rates for medical office space have risen and are now at $19.91/SF.
- The MOB market in Columbia is primarily controlled by the four major hospitals operating within the metropolitan area. The hospitals include Lexington Medical Center, Providence Hospital and the Palmetto Health Alliance, which is comprised of Palmetto Baptist Medical Center and Palmetto Richland Memorial Hospital. The growth of the MOB market is principally driven by the strategic expansion of hospital services into growth corridors of Richland and Lexington counties.
- Palmetto Health Alliance is completing a MOB at its Palmetto Health Baptist Parkridge Campus and recently announced plans for a $100 million hospital, called Palmetto Health Baptist Parkridge, adjacent to the new facility. The hospital is expected to open in 2007, with as many as 100 beds and the Alliance is seeking approval to move beds from its downtown facility.
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