Phoenix medical office construction sees strong demand, rising rents in 2023

The medical office market in metro Phoenix is experiencing a surge, with seven buildings under construction and strong demand. These projects, totaling 348,657 square feet, are 75% pre-leased, indicating high interest. Rents are also increasing, with a 7.5% year-over-year jump in asking rates. The southeast Valley, including Chandler, Gilbert, and Queen Creek, is witnessing the most demand, driven by the growing elderly population seeking convenient healthcare services closer to home. The market’s growth reflects a shift towards outpatient services and the desire for accessible healthcare options.

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