By Dillon Mabrey, Associate
The medical office market in Atlanta has seen tremendous growth throughout the past five years, with the MOB inventory growing by over 1.6 million square feet. The most recent project 371 East Paces Ferry, a Class A 120,000-square-foot building, was the first medical office delivered inside the Perimeter in over 10 years. Despite the recent deliveries, vacancy continues to drop below the historical average to a record setting 10.3%.
There are many contributing factors, chief among them that healthcare is America’s fastest growing job field with Atlanta’s healthcare GDP spending forecasted to grow by 22% by 2025. The population of those age 65 and older is growing 14 times faster than those age 64 and younger, and drives the need for more providers. This correlates with the trend of patients no longer wanting to endure a lengthy commute to a traditional hospital campus to see their providers – they want easy access to healthcare closer to their home and work. For more, check out the infographic below.
Dillon Mabrey is a real estate professional specializing in Healthcare. He drives value for the clients he represents by serving as their real estate advocate and providing consulting in order to develop a strategic real estate plan which is in conjuncture with their financial and business goals.