Growth Mode

Southern Nevada's medical office market is in growth mode. Developers continued responding to the elevated demand experienced since mid-year 2016, adding 43,777 square feet to the Valley's medical office inventory. Demand exceeded new supply; net absorption was 102,368 square feet in the third quarter of 2018. Medical office vacancy fell to 12.1 percent, the lowest vacancy rate recorded in eight years. The average asking rental rate was $2.25 per square foot (psf) on a full service gross (FSG) basis, the same as it was one quarter ago.

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