Increase of Medical Office Leases in New York

More New Yorkers can anticipate the arrival of medical providers in their neighborhoods soon. According to a report by JLL, the medical office inventory in New York City reached 6.3 million square feet in the fourth quarter of 2023, with projections indicating significant growth over the next decade. The city saw a remarkable 40 percent increase in medical office space between June and December of that year, adding 1.8 million square feet in just six months, as reported by JLL.

Moreover, the sector’s vacancy rates of 8 percent in the outer boroughs and 15.7 percent in Manhattan are notably lower than the overall office vacancy rate, which has remained between 15 and 20 percent for several quarters. This trend may leave office landlords envious of the more stable occupancy rates within the medical office sector.

*Article courtesy Commerical Observer

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