Local medical office vacancies increased to 18.3% in the fourth quarter, up 0.3% from the previous quarter and 1% higher than a year ago, says Cushman & Wakefield-Commerce Real Estate Solutions. High unemployment and worker expired benefits have reduced doctor visits, thereby shrinking demand for medical office space. The market additionally suffers from a glut of available space. Asking rents, as a result, dipped to $1.71 per square foot, full service gross, in the fourth quarter or 32 cents less than a year prior.For the full report, CLICK HERE.
