JUST RELEASED
Davis MOB Market Pulse
Spring 2019
Market Overview
Following a mild ending to 2018 for the Minneapolis/St. Paul healthcare real estate market, leasing activity via new construction has picked up considerably in 2019. Eight new medical office buildings (MOBs) and well over 200,000 square feet of space will be completed by the end of 2019. New off-campus build-to-suit projects (BTS) will continue to drive development and activity with numerous additional projects to break ground in 2019.
There was positive net absorption of only 8,002 square feet in H1 2019 (November 2018 through May 2019), largely due to consolidation of clinic locations and the lack of new multi-tenant MOBs delivered during the timespan. Given the consistently tight real estate market for healthcare providers, new multi-tenant building completions historically drive positive absorption figures. Davis does not factor single tenant BTS completions or move-ins into its net absorption figure.
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