戴德梁行+2022年TRIAD医疗办公室市场报告

TRIADMEDICALOFFICE

YEAR-END

MARKET

REPORT

2022

2|TRIADMEDICALOFFICE|2022YEAR-ENDMARKETREPORT

TABLEOF

CONTENTS

OVERVIEW

MedicalOfficeOverview&EmploymentStats

4

TriadMedicalOfficeMarketClusters

6

SUBMARKETS

Forsyth

7

Guilford

8

Alamance

9

CONSTRUCTION

ConstructionActivity-2022Deliveries

10

ConstructionActivity-Pipeline

11

LEASES

2022LeaseTransactionsMOBHighlights

12

2022InvestmentSalesMOBHighlights

13

OURTEAM

C&WHealthcareAdvisoryTeamOverview...........14

CUSHMAN&WAKEFIELD|3

MEDICALOFFICE

OVERVIEW&TRIAD

HEALTHCARENEWS

MEDICALOFFICEOVERVIEW

Greensboro/Winston-Salemweatheredshiftingeconomictidesandinflationarypressuresthroughtheendof2022.Theunemploymentrateincreasedby50basispoints(bps)to4.1%duringthefourthquarter;however,morethan16,400jobsintotalwereaddedoverthecourseoftheyear.AmbulatoryHealthCareServicejobs–includingofficesofphysicians,dentists,andmedicalanddiagnosticlaboratories–continuedtoincrease,climbing3.5%throughout2022tonearly33,700jobs.Employmentgrowthinthesefieldsisexpectedtopersistwithanestimated6.8%employmentgrowthbytheendof

2025.

Availablespaceoptionsinthemarketrecededwiththeoverallvacancyratedecreasingby60bpsin2022to4.9%,sinkingbelowthefive-yearaverageof5.1%.AlamanceandForsythCountiesbothremainespeciallytightwithrecordedvacancyratesof2.2%and2.6%,respectively.

Averagegrossaskingrentalratesjumpedtoanewhistoricalhighof$25.17persquarefoot.Thisrepresentsa10.7%increaseyear-over-yearafterarelativelyflatrentalratetrendsince2018,indicatingthesector’sdemandfornewsupply.

Thefirstandfourthquarterswerethemostactiveof2022intermsofleasingactivitywithmorethan69,000squarefeet(sf)ofnewleasesandrenewalssignedbetweenthetwo,drivingtheannualtotalto107,000sf.Themarketrecordedhealthyoccupancygainsin2022withnearly83,000sfofpositivenetabsorption,outpacingnewconstructiondeliveries.

One30,000-sfpropertyadjacenttoAlamanceRegionalMedicalCenter,developedbySametCorporation,deliveredin2022providingmuch-needednewsupplytothemarket.Overthepastfiveyears,only98,000sfofnewproducthasbeenbuilt,growingthemarket’sinventoryby1.8%inthattime.

4|TRIADMEDICALOFFICE|2022YEAR-ENDMARKETREPORT

EMPLOYMENTSTATS–Q42022

YOYChg

12-Mo.Forecast

644.7K

TriadEmployment

4.1%

TriadUnemploymentRate

3.7%

U.S.UnemploymentRate

DIRECTRENTALRATEVS.OVERALLVACANCYRATE

CUSHMAN&WAKEFIELD|5

BURLINGTON

40

STOKESDALE

TOBACCOVILLERURALHALL

NORTHFORSYTH

311

52

SUMMERFIELD

NORTHGREENSBORO

421

BETHANIA

220

29

OAKRIDGE73

WALKERTOWN

OSSIPEE

WESTFORSYTH

AIRPORT/

NWGUILFORD

KERNERSVILLE

GREENVALLEY/

MIDTOWN

WINSTON-SALEMCBD

KERNERSVILLE

840

421

MCLEANSVILLE

ELON

LEWISVILLE

785

MEBANE

ON-SALEM

ST

INST

WIN

IN

IN

HAWRIVER

GRAHAM

40

40

SEDALIA

GREENSB

WHITSETT

WESTGREENSBORO

SOUTHEASTFORSYTH

40

EASTGUILFORD

74

GREENSBORO

CBD

285

ALAMANCE

73

SWEPSONVILLE

CLEMMONS

840

85

FORESTOAKS

JAMESTOWN

FORSYTHCOUNTY

HIGHPOINT/

SWGUILFORD

HIGH

PLEASANTGARDEN

POINT

SAXAPAHAW

BORO

421

TRIADMEDICALOFFICE

MARKETCLUSTERS

GUILFORDCOUNTY

ALAMANCECOUNTY

REGIONALHEALTHCAREMARKETSUMMARY

VacancyRate

4.9%

Leasing

Activity

106,962SF

Total

Available

273,800SF

OverallAskingRent

$25.17PSF

Inventory

5,610,354SF

Overall

NetAbsorption

82,679SF

COUNTY

FORSYTH

GUILFORD

ALAMANCE

Inventory:

2,525,062SF

2,804,428SF

553,864SF

TotalAvailable:

58,678SF

202,935SF

12,187SF

VacancyRate:

2.6%

7.2%

2.2%

LeasingActivity

31,220SF

51,742SF

24,000SF

OverallNetAbsorption

15,721SF

25,990SF

40,968SF

OverallAskingRent(AllClasses)

$22.03PSF

$25.77PSF

$28.10PSF

6|TRIADMEDICALOFFICE|2022YEAR-ENDMARKETREPORT

FROMSUBJECTRE-

CEIVEDSIZECATEGORIES

AMANDAPIATT/USARE:BOV-

NEEDED-3040SIDCO1:23PM

93KB

CUSHMAN&WAKEFIELD|7

SPOTLIGHT

FORSYTHCOUNTY

Bethania

Walkertown

5

AtriumHealthWakeForestBaptistMedicalCenter

Winston-Salem

NovantHealthForsythMedicalCenter

Kernersville

NovantHealthKernersvilleMedicalCenter

NovantHealthClemmonsMedicalCenter

Clemmons

4

Advance

1

2

Wallburg

3

ADDRESS

OWNER

YEARBUILT

TOTALRBA

TOTALAVAILABLE

VACANCYRATE

ASKINGRATE(GROSS)

1

145KimelParkDr

FrontStreetCapital

2003

67,000

5,621

8%

$23.75

2

175KimelParkDr

FreemanCommercialRealEstate

1998

20,169

1,674

8%

$20.00

3

2025FrontisPlazaBlvd

WelltowerInc.

1998

50,128

10,976

22%

$18.75

4

111HanestowneCt

LyndhurstGynecologicAssociates

2016

55,700

0

0%

N/A

SPOTLIGHT

GUILFORDCOUNTY

nersville

Wesley

ConeHealthMosesConeHospital

ConeHealthMedCenterGreensboro

ConeHealthLongHospital

Greensboro

ConeHealthMedCenterHighPoint

4

AtriumHealthHighPointMedicalCenter

HighPoint

1

Jamestown

2

3

Pleasant

Garden

ADDRESS

OWNER

YEARBUILT

TOTALRBA

TOTALAVAILABLE

VACANCYRATE

ASKINGRATE(GROSS)

1

1126NChurchSt

HealthcareRealtyTrustIncorporated

2003

68,672

3,500

5%

$28.00

2

2001NChurchSt

HealthcareRealtyTrustIncorporated

2018

25,936

0

0%

N/A

3

510NElamAve

HealthcareRealtyTrustIncorporated

1989

35,292

1,876

5%

$23.50

4

1002NChurchSt

FlagshipHealthcare

Properties

1999

91,352

5,571

6%

$24.00

8|TRIADMEDICALOFFICE|2022YEAR-ENDMARKETREPORT

CUSHMAN&WAKEFIELD|9

SPOTLIGHT

ALAMANCECOUNTY

5

GreenLevel

GlenRaven

Woodlawn

Elon

Mebane

Burlington

HawRiver

ConeHealthMedCenterMebane

ConeHealthAlamanceRegionalMedicalCenter

Graham

Alamance

1

3

4

2

Swepsonville

ADDRESS

OWNER

YEARBUILT

TOTALRBA

TOTALAVAILABLE

VACANCYRATE

ASKINGRATE(GROSS)

1

963KirkpatrickRd

MontgomeryAssets,LLC

2023

24,000

0

0%

$37.50

2

4030OaksProfessionalPkwy

SametCorporation

2022

30,000

3,387

11%

Negotiable

3

2921CrouseLn

BurlingtonMedical

Center

2004

14,355

14,355

100%

$26.50

4

1041KirkpatrickRd

ConeHealth

1995

23,500

0

0%

N/A

CONSTRUCTIONACTIVITY2022DELIVERIES

A30,000-sfmedicalofficebuildinglocatednearConeHealth’sAlamanceRegionalMedicalCenterinBurlingtondeliveredinJune,developedbySametCorporation.Thebuildingdelivered88.7%pre-leasedtotwotenants,AlamanceENTandDRIAlamance,andonly3,387sfremainsavailableforlease.

ThepropertyisthefirstofmultipleproposedbuildingsattheBurlingtonMedicalOfficeParkprojectwith

over100,000sfofadditionalmedicalofficedevelopmentpossible.

4030OAKSPROFESSIONALPKWY

Size:

30,000SF

Owner:

SametCorporation

DeliveryDate:

Q22022

Submarket:

AlamanceCounty

10|TRIADMEDICALOFFICE|2022YEAR-ENDMARKETREPORT

CONSTRUCTIONACTIVITYPIPELINE

Threemedicalofficebuildingsareactiveintheconstructionpipeline.A24,000-sfbuildingisunderwayinBurlingtonwithplanstodeliverinQ22023.Theproject,whichis100%pre-leased,iswithinwalkingdistanceofAlamanceRegionalMedicalCenter.InGreensboro,2101NChurchSt.isunderconstructionlessthanamilefromMosesConeHospital.The7,392-sfspeculativeredevelopmentprojectisslatedtodeliverinthefirsthalfof2023andremainsfullyavailable.FrontStreetCapitalofWinston-Salemhas

brokengroundona36,000-sfpropertylocatedonthecornerofKimelParkDr.andBurkeMillRd.Thethree-storybuildingisexpectedtodeliverinQ22023andispre-leasedtotwotenants.

963KIRKPATRICKRD

Size:

24,000SF

Status:

UnderConstruction

DeliveryDate:

Q22023

Owner:

MontgomeryAssets,LLC

Submarket:

AlamanceCounty

2101NCHURCHST

Size:

7,392SF

Status:

UnderConstruction

DeliveryDate:

Q12023

Owner:

LDJDevelopment

Submarket:

GuilfordCounty

195KIMELPARKDR

Size:

36,000SF

Status:

UnderConstruction

DeliveryDate:

Q22023

Owner:

FrontStreetCapital

Submarket:

ForsythCounty

CUSHMAN&WAKEFIELD|11

2022HIGHLIGHTS

LEASETRANSACTIONS

PROPERTY

TENANT

SIZE

TYPE

SUBMARKET

195Kimel

ParkDr

Digestive

Health

Specialists

24,532SF

Pre-Lease

Forsyth

County

195Kimel

ParkDr

Piedmont

Retina

Specialists

12,000SF

Pre-Lease

Guilford

County

4030OaksProfessionalPkwy

DRI

Alamance

10,000SF

Pre-Lease

Alamance

County

3804Vest

MillRd

Monarch

7,210SF

NewLease

Forsyth

County

5921W

Friendly

Ave

Eagle

Physicians

5,208SF

NewLease

Guilford

County

1507

Westover

Ter

Carolina

AgeMgmt.

Institution

4,625SF

NewLease

Guilford

County

6NPointe

Ct

Eagle

Physicians

3,100SF

NewLease

Guilford

County

12|TRIADMEDICALOFFICE|2022YEAR-ENDMARKETREPORT

2022HIGHLIGHTS

SALETRANSACTIONS

PROPERTY

SALESPRICE

BUYER

SALEDATE

SUBMARKET

709Green

ValleyRd

$10.8M

($564psf)

LeBauer

Healthcare

January

2022

Guilford

County

300

Gatewood

Ave

$1.8M

($198psf)

PetersDevelopment

January

2022

Guilford

County

445

Pineview

Dr

$8.8M

($222psf)

Anchor

Health

Properties

February

2022

Forsyth

County

2718HenrySt

$2.6M

($290psf)

Christian

Richard

BruningIV

May

2022

Guilford

County

1492RymcoDr

$3.1M

($394psf)

Bonavita

Properties

June

2022

Forsyth

County

3155MaplewoodDr

$21.5M

($548psf)

Catalyst

Healthcare

RealEstate

December

2022

Forsyth

County

603DolleyMadisonRd

$5.1M

($193psf)

Tilghman&

Company

December

2022

Guilford

County

CUSHMAN&WAKEFIELD|13

14|TRIADMEDICALOFFICE|2022YEAR-ENDMARKETREPORT

HEALTHCAREADVISORYTEAM

WHOWEARE

BYTHENUMBERS

60

COUNTRIES

400

OFFICES

50,000

EMPLOYEES

$9.4B

2021REVENUE

USD

4.8B

MANAGEDSF

35M

squarefeet

ofhealthcare

propertiesunder

management

$2B

healthcareand

seniorhousing

investmentsales

in2019

300+

healthcare

advisory

practice

professionals

$4.6B

landlordand

tenantleasing

transactionvalue

in2019

HIGH-PERFORMINGTEAM

RYANGIOFFRE

Director

/p>

ryan.gioffre@cushwake.com

•15+yearsofexperience

•TriadLead

HealthcareAdvisoryPractice

KATIETUCKER

BrokerageCoordinator

/p>

katie.tucker@cushwake.com

•12+yearsofexperience

•TeamMember

HealthcareAdvisoryPractice

DREWWALTERS

ResearchAnalyst

/p>

andrew.walters@cushwake.com

•2+yearsofexperience

•MBA

CUSHMAN&WAKEFIELD|15

WEDELIVER

MEASURABLERESULTS

Cushman&Wakefield’sHealthcareAdvisoryGroupprovideshealthcareorganizationswithstrategicandtransformationalrealestateservicesthatdirectlyaffectpositivebusinessoutcomes.Morethan300realestatespecialistsdrawnfromavarietyofrealestatedisciplines,includingconsulting,brokerage,projectmanagement,property/facilitiesmanagement,andvaluation,helpclientsmakedecisionsthatenhancepatientcareandaccessibility,generateefficienciesacrosstheirplatforms,andmaximizethevalueoftheirrealestate.Weassistinaligningrealestatewithhealthcaremissions,whetherthatfocusinvolvesexecutingonasinglespecialty,planningfornewcaredeliverymodels,orcombiningmultiplepractices.

Ourexpertiseinthehealthcareindustry,combinedwithdeeplocalmarketknowledge,strongrelationshipswithhealthsystems,physicianpractices,andotherhealthcareproviders,allowsforrapidresponsetoourhealthcareclients’needs.

ServicesProvided

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NATIONALRESOURCES

LORIEDAMON

ManagingDirector

/p>

lorie.damon@cushwake.com

•15+yearsofexperience

•Ph.D.

•NationalHealthcareAdvisoryPracticeLeader

TRAVISIVES

ManagingDirector

/p>

travis.ives@cushwake.com

•10+yearsofexperience

•NationalHealthcareAdvisoryPracticeCapitalMarketsCo-lead

GINOLOLLIO

Managi