Medical Office Space Update
South Florida Hospital News | By: Kenneth Weston
The market for medical office and healthcare facilities in South Florida should continue to be strong in 2008. The market is benefiting from its proven stability in relationship to other types of real estate more sensitive to changes in the economy.
Rental rates continue to rise in prime locations. Although the general office condominium market is weakening, prices for well-planned medical office condos in strategic areas are holding firm. There are many ill conceived condo projects that have been unsuccessful. Many of these failed projects have been planned by developers who lack expertise in the local healthcare real estate market.
As rental rates continue to rise, the option to lease or purchase medical space in a prime location becomes increasingly more difficult for the healthcare professional. The key is to find the right property in the right location at the right price. It is extremely important that the medical user gain as much knowledge as possible before making a final decision.