Discussing the possibilities and future at the intersection of healthcare and commercial real estate
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Today’s episode, I’ll go over the first quarter 2022 Arizona Medical Office Report for DOCPROPERTIES. Please visit our website if you’d like to read the documents.
In this episode, we talk about…
[1:31] Grand Canyons state economy approach pre pandemic levelves by the end of the first quarter of 2022
The state was functioning at 97% of its March 2020 level at the time, according to Moody’s Analytics and CNN.
[1:53] Statewide, the unemployment rate rate had dropped to 3.3%
According to the Bureau of Labor Statistics, that was the lowest unemployment rate the state has seen and hadn’t seen in the last 50 years.
[2:13] The healthcare sector was in high demand
In a labor market that was both tight and competitive, service providers fought for market share and personnel. First quarter of 2022 saw a surge in healthcare M&A activity across the country, fueled by private equity investors and physician groups looking to extend their position in Arizona.
[2:48] Vibrant pace of construction for healthcare facilities as well as medical office buildings by the end of 2020
The Arizona market will have received five significant health care facilities that are now under construction. A banner house for a new 330,000-square-foot hospital was among the construction projects now under way in Buckeye, Arizona, on the southwest corner of Verado road and I-10.
[4:23] Capital markets kicked off the year with a sizable number of large MLP sales transactions totaling over 158 million in the first month of the quarter alone
By the end of the first quarter of 2020, overall market sales had risen by 163% year over year for the fourth quarter in a row, reaching 327 million.
[6:45] Asking rents year after year averaging out to a trend with an increase of 4.2%
The largest increase was posted in the Glendale sub market by 21 point 33% While the south Phoenix notably the highly sought after and fast growing city of Buckeye, and Gilbert Queen Creek submarkets, registered the highest average asking rent per square foot at $33.30 $33.33 and $32.85 per square foot respectively.
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