Current Medical Office Market Overview
The Columbia, SC medical office market expanded significantly over 2004, and with it saw great absorption. The completion of Palmetto Health Parkridge and the Irmo Professional Center added roughly 160,000 square feet to the Medical Office Building (MOB) market. Since mid-year 2004, the market has absorbed 48,000. Even with new property coming online, occupancy rates rose to 92.1%, up from 88.8% at mid-year 2004.
MOB Past Trends
The MOB market has remained strong over the past several years. Even with a large addition of MOB space in 2004, occupancy rates only dropped below 90% for a brief period. Average rental rates have risen significantly from $18.25/SF in 2002 to the present average of $20.20/SF. Historically low interest rates have given rise to many practices purchasing or building their own medical office space and moving away from hospital-owned MOB’s. Even with this trend, the demand for multi-tenant medical office space has remained high over the first half of the decade.
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