Florida Medical Office Market Continues to Grow
September 4, 2015 – Fort Lauderdale Florida -- NAI Rauch Weaver Norfleet Kurtz & Co. released the Florida Medical Office Building Mid-Year Market Report, 2015 today. The report is a compilation of statistical and transaction data from various sources analyzed by the firm's Healthcare Solutions Practice Group.
Brian Fleming, Senior Associate within the Healthcare Practice section authored the report. Fleming said the report "examines several key metrics of medical office building transactions occurring within the state in the five major metro-market areas". Included in the report are findings for Jacksonville, Orlando, Tampa, Southwest Florida, and South Florida areas.
"What is readily apparent in the market is that there is no shortage of waiting buyers for Class A and B medical space anywhere in the major markets of the state", Fleming noted. Major real estate investment trusts both public and private continue acquiring medical office buildings as quickly as they become available. "This mirrors the trend nationally with one major exception, foreign investors have yet to target medical office space within the Florida market". Fleming believes however, that a change may be coming "as investors both public and private worldwide seek stability and a reasonable return in what appears to be uncertainty in equities markets moving forward."
Within Florida HTA REIT of Scottsdale, AZ remained the largest owner and the most active buyer. HTA now owns 14 properties valued at roughly $232M. Health Care REIT another publicly traded owner firm from Toledo, OH follows behind with 4 properties totaling $119M. Unlike trends found in other markets around the US, Florida saw a 29% decrease in year-over-year transactions with the average price per square foot now at around $291. Also active this past quarter was Physicians Realty Trust, another publicly traded REIT now operating 11 properties within the state.
Brian Fleming, MBA is a Senior Advisor in the Healthcare Solutions Practice of NAI Rauch Weaver Norfleet Kurtz & Co. in Fort Lauderdale, providing brokerage and advisory services to investors, owners and users of medical real estate throughout Florida.
NAI Rauch Weaver Norfleet Kurtz & Co. is a full service commercial real estate brokerage and property management firm, a South Florida tradition for over 48 years. Our motto of "Integrity, Longevity, Consistency, Service" is not just a list of words, but represents demonstrated traits and the reason for our success. We offer local deep roots with years of experience combined with the international reach of NAI Global, a managed network that today has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals worldwide, managing over 380 million square feet of property.
For additional information contact: Brian Fleming, Senior Associate | Healthcare Solutions. He can be reached at NAI Rauch Weaver Norfleet Kurtz & Co. 954 771 4400.