Denver’s medical office market is nation’s ninth largest

(Abby Anaday on Unsplash)

By Margaret Jackson / NewsBreak Denver

(Denver, Colo.) Denver ranks as the ninth-largest medical office market in the U.S., according to a report from 42 Floors.

The metro area’s inventory of 292 medical office buildings totals 19.7 million square feet. About 2.4 million square feet of medical office space was added to the market over the last 10 years — a 14% growth compared to 2012.

Overall, the U.S.'s top 25 medical office space markets grew 13% since 2012, adding more than 52.7 million square feet.

The 293,000-square-foot Denver Health outpatient medical center completed in 2021 was the third-largest nationwide project.

The Denver medical office market has experienced increases in development activity with more than 142,000 square feet under construction at the end of June, according to a report from CBRE. While this marks a 79.2% increase for the second half of last year, the construction pipeline remains below historical levels.

Four properties broke ground in the first half of 2022, most notably SCL Health’s 130,000-square-foot building in Wheat Ridge, which is 100% leased. The property is part of the new Lutheran Medical Campus being built on the Clear Creek Crossing mixed-use development.