September 12, 2013

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Cushman Wakefield Releases First Study of SL Valley Medical Office Buildings

Press Release

September 12, 2013

Salt Lake City — Cushman and Wakefield | Commerce has completed the first study of Medical Office Buildings to be conducted in the Salt Lake Valley.

The study was conducted by Peter Hanlon and his colleagues in the office division, and the research team of Cushman & Wakefield | Commerce. The study, titled “Market Beat-Medical Office Snapshot,” includes more than 50 medical office buildings in Salt Lake County and is effective through the second quarter of 2013. The study covers 17 on-campus buildings and 34 off-campus buildings, covering 2.5 million square feet.

To be included in the study, a medical office building must be at least 20,000 square feet and must have 51 percent or greater occupancy of medical tenants.

The study shows that overall vacancy for medical office space in Salt Lake County is 16 percent and the average asking lease rate is $13.44 per square foot. Adding an estimated $7 per square foot for operating expenses provides an equivalent asking lease rate average of $20.44 per square foot, full service. There is approximately a $2.20 per square foot premium for on-campus medical office space versus space not located on a hospital campus.

It is projected that demand for Medical Office Space will continue to be strong for the foreseeable future due to:

Demographics in Utah, which includes strong population and economic growth.

Demographics in the U.S., which is showing an aging population of baby boomers.

Increased demand for medical care as a result of the Affordable Care Act, which will provide medical insurance to more than 30 million additional people in the country.

The study can be accessed at here

Utah Business Social
UB Events View All
Health Care HeroesUtah Business Event
Oct 21, 2014
Please join us, along with our sponsors, MountainStar Healthcare, and Roseman University in honor...
Content Marketing BootcampUtah Business Event
Oct 28, 2014
Please join Utah Business Magazine, along with our sponsor Adobe, for an in-depth, hands-on, educ...
Community Events View All
Disarmingly Honest Approach to Sales!
Sep 18, 2014
Do you ever leave a sales interaction frustrated that the prospect holds all the cards? You have ...
Profire Energy Ribbon Cutting
Sep 18, 2014
On September 18, 2014, Profire Energy will be unveiling its newly expanded headquarters (with 35,...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel