Metro Atlanta – Atlanta’s specialty use Medical Office Building (MOB) market, totaling approximately 19.1 million square feet, is not immune to the economic factors adversely affecting other sectors of the commercial real estate industry. With over 3.57 million square feet of vacant space and nearly 120,000 additional square feet available in sublease space, vacancy rates of 18.7 percent are at record levels. There are some 512 multi and single tenant medical office buildings that are generally over 9,500 square feet in ten primary submarkets. Non-primary use medical office buildings including traditional office buildings, business parks and retail space are not included in our analysis. While accommodating some medical uses, these properties do not provide the referral basis and services of a professionally run medical building. This pseudo market could be several million square feet; a fraction of the total amount of vacant retail and primary use office space in Metro Atlanta.
