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Atlanta Medical Office Q2 2022 Update

George Olmstead • 8/1/2022

In the latest update and report for Atlanta's Medical Office market for the second quarter of 2022, it was found that the city continued to rebound from the pandemic despite ongoing economic uncertainty, while national headwinds such as high inflation, rising interest rates, and volatile markets threatened to impede economic growth. Ambulatory Health Care Service jobs, including offices of physicians, dentists, and medical and diagnostic laboratories, continued to increase significantly from pre-COVID numbers. Since the pandemic low in May 2020, 34,590 healthcare service jobs have been added across the metro area. The addition of jobs has fueled the declining unemployment rate in Atlanta to 2.9%. 

The medical office building market had a historic low in vacancy for the sector in the second quarter with overall vacancy down 30 basis points from last year at 8.8%. The resiliency of medical office properties in the height of a global pandemic and subsequent bumpy economic and social climate once again proved itself. Through the first half of 2022, the rental rate continued to soar with an average gross rental rate of $27.75 per square foot. With 352,746 square feet of additional space underway, the second half of 2022 will undoubtedly improve upon the first half’s 114,481 square feet of positive net absorption. 

Download the full Q2 2022 Atlanta Medical Office report to learn more.

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