Q4 2022 Arizona Medical Office Market

Arizona’s MOB Market is Experiencing Friction as Expected and Maintaining Strong Fundamentals

As anticipated, Arizona’s higher than average inflation rate affected sales volume, price per square foot, and net absorption for healthcare properties throughout the state. In spite of these setbacks, cap rates only rose slightly from quarter-over-quarter and lower year-over-year. Vacancy rates minimally increased while other MOB leasing fundamentals remained relatively flat, except for net absorption.

Healthcare properties will prove to maintain value with predictable returns throughout the economic environment that is expected to be rocky during the first quarter of 2023. Stable unemployment, increased employment in healthcare and continued population growth requiring medical care will allow healthcare facilities to sustain their trajectory of growth.

DOCPROPERTIES’ Q4 2022 Arizona Medical Office Report dives into:

  • Strong submarkets
  • Sales activity
  • Asking rents
  • Cap rates
  • Vacancies
  • Net absorption
Scroll to Top