Medical space real estate sector remains healthy
Atlanta Journal Constitution reports: Dr. James Reilly’s dental practice was in a pinch.
He’d worked in the same office for eight years. In fact, the growing practice was actually three offices combined and still tight. “We were just plumb out of space,” Reilly said.
So when Corporate Campus was redeveloped into a mixed-use medical office project and renamed Perimeter Town Center, Reilly was among the first tenants to move into new medical space — at Hammond Drive and Peachtree Dunwoody Road. It was just across the street from his old office, in the area known as Pill Hill.
“We have the same space, but it’s configured better,” Reilly said. “It has better flow, more windows, the hallways are wider. It’s easier to move patients in and out of the office. It’s made us a whole lot more efficient.”
Open since last October, the project is anchored by Piedmont Healthcare and is already 70 percent leased — at a time when other types of new office developments are begging for tenants. While the commercial real estate industry is getting hammered, the one sliver of business that seems to be doing OK is space for medical offices. According to New York-based research firm Real Capital Analytics, medical office space is the sector with the smallest amount of troubled assets — 1 percent or nearly $200 million — compared to $18 billion for the traditional office sector.
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Posted by: Nina Turner