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Puget Sound First Quarter 2016 Healthcare Real Estate Overview

First few Article Sentences

Puget Sound healthcare real estate activity kicked off 2016 with a flurry of activity topped off by a record setting MOB sale on First Hill: Trammell Crow sold First Hill Medical Pavilion for $199 million, or $884 per square foot, an all time high for an office building in Seattle. In leasing, UW Medicine leased 24,984 SF at the Meridian Medical Pavilion in Northgate. Trend in leasing points toward strong demand for medical space between 1,500 SF and 3,000 SF, while demand is weaker between 3,000 - 8,000 SF. Opportunities over 10,000 SF with easy access, parking and great exposure are very desirable as well.

In new construction, Swedish is expected to break ground on their new towers on First Hill in Q3 2016. The project, expected to complete in the fall of 2019, will deliver two towers up to 17-stories each totaling up to 982,000 SF with 777 parking stalls. In addition, Healthcare Realty continues to move forward with the construction of the new 133,000 SF MOB adjacent to their First Hill Medical Building with a targeted delivery of mid-2018. This will create a 2-building campus of just over 200,000 sf. On Overlake's campus, the hospital announced a 180,000 SF East Tower to be completed in 2023. The expansion will include a neonatal center, two surgical suites, lab space, patient rooms and respiratory care.

Carr, CCIM/MBA, Paul

Nguyen, Dang

Real Estate

May 1, 2016

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