Q4 2024 MEDICAL OFFICE UPDATE
- Colliers | Columbus
- Feb 19
- 1 min read
Written by: Collin Fitzgerald
Collin specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial and Retail groups. He is responsible for executing data reports, maintaining a commercial property database, reporting quarterly trends, performing data analysis and utilizing statistical information to predict future behavior in the market. Keep reading for Collin's take on market trends in the Columbus medical office sector.
Key Takeaways
Suburban Expansion: Columbus is seeing large healthcare providers establish significant outposts in suburban areas. This shift aims to meet patients where they are, while leveraging lower-cost environments to deliver services that may have previously occurred on-campus. Mount Carmel Dublin, located at I-270 and Sawmill Parkway, is scheduled to open in April 2025.
Occupancy Trends: Occupancy rates are now sitting 1% above national average. This reflects a general slowdown in new construction given the current combination of high interest rates and building costs.
Lease Rates: Average lease rates for healthcare properties in Columbus are up year-over-year at $23.08/SF, but still sit slightly below the national average. The combination of limited new supply and growing demographics continues to keep upward pressure on rents.
Check out the full Q4 2024 Medical Office Trends report here!