Commercial real estate in the Valley is booming across multiple sectors. One of the hottest industries in the Phoenix metro area is the healthcare industry. Many healthcare organizations are planting their operations in the area, leading to a growing demand for quality medical office spaces.
Plaza Companies is one of Arizona’s top commercial real estate firms whose expertise leads to incredible results. Whether you’re an investor looking to expand your portfolio or a business trying to find the best spot for your operations, we’re happy to help you. Read our article below to learn why Phoenix is becoming a hotspot for medical building spaces.
Why are Medical Office Spaces in Such High Demand in Phoenix?
Possibly the biggest driver for the medical office market in the Valley is its growing population. According to the U.S. Census Bureau, the greater Phoenix area was the fastest-growing top 10 metro areas, growing from 106,008 to 5.1 million people. With an abundance of people moving to metro Phoenix, there is a huge demand for medical services of all kinds.
People are also investing in medical office spaces in the area for its strong cash flow. Despite the closures, lockdowns, and the public’s uneasiness during the pandemic, medical office landlords are collecting nearly 100% of the rent owed by their tenants. Additionally, the occupancy rate for these spaces remains high. Resulting in a strong ROI during this uncertain time in the commercial real estate industry.
The Medical Community is Growing in Phoenix
Aside from the growing population and strong cash flow of medical offices in Phoenix, investors are benefiting from an enthusiastic medical community. There’s been an extraordinary amount of new medical campuses opening around the Valley, which provides greater support and a wide range of services for metro residents.
As an example, recently Plaza Companies partnered with Creighton University to expand their presence in Phoenix by overseeing the construction of a state-of-the-art campus at Park Central. The campus is officially open and offering programs in nursing, pharmacy, occupational therapy, and many other health science fields. This not only will have a positive impact on people’s health, but it will drive economic development for Central Phoenix.
Plaza Companies Helps Businesses Find the Right Property for Them
We work with many sectors in finding the perfect property for their operations. Including those in:
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Since 1982, Plaza Companies has enjoyed a reputation for providing excellent management and development services to owners and investors. We strive for excellence and take pride in the work we do for each of our clients. Contact us today to learn how we can help you with your property investment.