New Medical Office Building Development in the Tampa Market Continues to Increase, Addressing a Shortage of Large Blocks of Space

Cushman & Wakefield announced today that it has released its Second Quarter 2016 Tampa Bay Medical Office Report.

Prepared by Brian Breeding of Cushman & Wakefield’s Healthcare Practice Group, the report details the Tampa MSA’s medical office building inventory ranging from outpatient facilities to traditional investor-owned, multi-tenant medical office buildings.

Key take-aways from the Second Quarter 2016 Tampa Bay Medical Office Reportinclude:

• There is a shortage of large-block spaces greater than 5,000 square feet within existing Class A and B properties.
• Four new, off-campus Class A or B medical office buildings larger than 5,000 square feet will be delivered in 2016. Cushman & Wakefield expects more to follow.
• The volume of new medical office product in the Tampa market continues to increase. This new development is comprised predominately of single-tenant assets.
• The Laser Spine Institute headquarters is now complete in the Central Tampa Market. This state-of-the-art, 175,000-square-foot building is a model for new medical office development, housing administrative and clinical operations under one roof.

“The medical office market is taking shape in a way that has been expected for the past couple years,” said Breeding. “Tampa is a bullish market for medical office development due to lack of supply on newer, high-quality buildings with large blocks of space.”

“The market is blooming with health systems and large groups capturing market share, while creating facilities designed for ease of access to the continuum of care for patients,” added Breeding. “We expect rental rates to rise and to see newer products continue to come on the market.”

Cushman & Wakefield’s Healthcare Practice Group is a national platform of real estate professionals with a focus on the sales, leasing, valuation, management and financing of healthcare properties around the U.S. Breeding currently advises health systems and providers in making strategic real estate decisions in the Tampa Bay area. His background includes the leasing of a medical office portfolio consisting of more than 650,000 square feet for private and institutional owners.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.com or follow@CushWake on Twitter.