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And that activity is giving a boost to the locaol medicaloffice market. One of the latest playerd in this sectoris Cary, N.C.-based — the owner/developere behind three medical office projects in San But for Oaks Development, three is not the magical “We are very excited about the San Antonio says Greg Brock, a partner in Oaks “We are constantly looking for othedr opportunities.” Oaks Development would be hard pressed to find a better markegt for medical-related real estate development than San Antonio. According to the latest market analysisa by locallybased , average rentws for the city’s multi-tenant medical office buildings stood at $21.
48 per square foot as of first-quarterr 2009 — up an impressivwe 87 cents from the average of $20.611 a year ago. Kim Gatley, senior vice presidentt and director of research forNAI REOC, says the new, higher-reny spaces did much to briny up the overall lease average. She adds, that “some of the increase is due to steady demand in agrowinv market.” That demand has fueled a coupler of new medical office developments. Two new medical office properties reached completion in the quarter endedMarch 30, 2009 adding almost 150,000 square feet of space to this real estatde sector.
Another 180,000 square feet of multi-tenant medical office developmeng — also spread out over two new buildings is slated to enter the markert laterthis year, Gatley says. This number does not includer Oaks Development’s own plans here. The companhy owns two tracts ofraw land: A total of 8 acrese along Floyd Curl Drive and Hamilton Wolfr Road, just outside of the boundaries of the Soutg Texas Medical Center in Northwest San • And a 7.9 acre tracft along State Highway 151 and Westover Hilles Boulevard on the city’s far West Side in the Westover Hills master-planned development.
Oaks Developmentg is finalizing deals for the WestoverHills project, and expects to break ground on a 95,000-square-foot medical offices building during the third quartere of 2009, Brock says. On the Floyd Curl plans call fora 105,000-square-foot medical office buildingb — a project that Oaks Developmen t hopes to get under way by the end of the “if not sooner,” Brock says. The firm also owns a 34,000-square-foot buildinb in North San Antonio. Shavano Oaks II is part of a largerf office park called ShavanopOaks Park, which is located alongg Loop 1604 and Paesanos Parkway.
The new developmentr in the multi-tenant medical office sector has causedra “slight uptick” in vacancy figures — from a rate of 16 percent as of first quarter 2008 to 17.9 percenty a year later, Gatley But that increase is not something that she considers worrisom e — given the controlles rate of development. Despite the new spacs coming into the the medical office sector still ended the firstf quarter of the year with a positivwe net absorption of space to the tuneof 27,745 square feet. This absorptionh figure is only slightly beloew thesome 30,000 square feet that the sectoer absorbed during the first three months of NAI REOC reports.
“The new supply is followintg where the growth has and it’s situated in the city’s medical hubs,” Gatley “There’s not a lot of third-party, (development),” adds Steve Crozier, project director for San Antonio-based . “Th e growth is calculated, planned and demand driven.”
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