The Real Deal Miami

West Palm Beach’s medical office sector continues to show strength

May 04, 2012 01:30PM

The medical office market in West Palm Beach continues to outperform, according to a report from Marcus & Millichap. With increased demand for medical services from Palm Beach County’s older and affluent population, the area could see significant net absorption in the near term. Vacancy is also projected to drop more than 100 basis points to the low-12 percent range, according to the report. The area will also get a boost from the new hospital planned by Scipps Florida and Tenet Healthcare, leading to an investment focus on the biotech hub straddling Palm Beach Gardens and Jupiter. Developers will deliver two medical office properties in 2012, totaling 89,000 feet, according to Marcus & Millichap. — Alexander Britell