Medical Office's Renaissance
After several years of post-recession ebb and flow, Southern Nevada’s medical office market posted a second year of unambiguous growth. Vacancy decreased to 12.1 percent at the end of 2018 on the strength of 350,040 square feet net absorption. This was less net absorption than in 2017 but more than was registered in any previous year we have tracked. The average asking rental rate was $2.24 per square foot (psf) on a full service gross (FSG) basis, slightly lower than last quarter, but $0.05 psf higher than one year ago.
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