The Real Deal Miami

Medical offices a cure for real estate woes

May 12, 2008 10:12AM

An aging population and a shift to outpatient care has pushed medical office rates to an average of $28.49 per square foot in Miami-Dade County and $24.05 in Broward. Occupancy rates are at 95 percent in both counties, according to CB Richard Ellis. The demand has drawn established medical developers and newcomers, as well as office condo developers targeting doctors. Physicians will spend as much as $50 to $100 per square foot to customize their offices for specialized equipment, which makes moving expensive and finding the right space an important consideration for their practices.