Houston s Class A Medical Office Rental Rate Increases by 7.4% in First Half of 2012

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1 MIDYEAR 2012 MEDICAL OFFICE COLLIERS HEALTHCARE SERVICES GROUP - Houston Texas HEALTHCARE MARKET COMMENTARY Houston Houston s Class A Medical Office Rental Rate Increases by 7.4% in First Half of 2012 Houston s medical office market at midyear 2012 shows encouraging signs that it has recovered from the downward shift that began in late On a year-overyear basis, medical office vacancy decreased, and the citywide average rental rate COLLIERS INTERNATIONAL HOUSTON MEDICAL OFFICE 2ND QUARTER 2010 and absorption increased. HOUSTON MEDICAL OFFICE MARKET INDICATORS Q Q CITYWIDE NET ABSORPTION (SF) 109k 188k CITYWIDE AVERAGE VACANCY 12.6% 12.5% CITYWIDE AVERAGE RENTAL RATE $22.65 $23.00 CLASS A AVERAGE RENTAL RATE $28.34 $28.89 CLASS A AVERAGE VACANCY 11.6% 14.8% Houston s medical office market is expected to benefit from both short- and longterm regional trends. Disciplined development, with only 10 new buildings added to inventory in 18 months, will relieve the pressure in filling the existing vacant lease space. It is not surprising that much of the new development activity is occurring in outlying suburban areas, particularly in West Houston, Fort Bend County and The Woodlands, where strong population growth trends are projected over the next twenty-five years. Overall, Houston s economy remains among the strongest in the U.S. The Houston metropolitan area added 85,000 jobs between June 2011 and June 2012, an increase of 3.3%, and is on track to add the same amount in Unemployment fell to 7.5% from 9.0% one year ago. Houston area home sales increased by 23.8% compared to sales one year ago. According to the Texas Workforce Commission, Houston s education and health services sector added the largest number of jobs from June a year ago, up 20,600, with more than two-thirds of the increase occurring in ambulatory health care services. The 6.5% rate of growth in this industry was nearly three times the nationwide average of 2.2%. JOB GROWTH & UNEMPLOYMENT (Not Seasonally Adjusted) UNEMPLOYMENT JUNE 2011 JUNE 2012 HOUSTON 9.0% 7.5% TEXAS 8.6% 7.6% U.S. 9.3% 8.4% JOB GROWTH ANNUAL CHANGE # OF JOBS ADDED HOUSTON 3.3% 85K TEXAS 2.2% 231K U.S. 1.3% 1.8M 1,200,000 1,000, , , , ,000 0 ABSORPTION, NEW SUPPLY & VACANCY RATES Absorption New Supply Vacancy 17% 15% 13% 11% 9% 7% -200,000 5% Accelerating success 1

2 MEDICAL OFFICE CLASS A & B VACANCY VS. RENTS 20% 18% 16% 14% 12% 10% 8% MEDICAL OFFICE EXISTING INVENTORY BY CLASS Class A 7,249, % Class C 5,265, % 700, , , , , , , ,000 Class A Class B Class C MEDICAL OFFICE NET ABSORPTION BY CLASS 0 1Q-10 Class A Vacancy Class A Rents Class B 14,239, % Class A Class B Class C 2Q-10 3Q-10 4Q-10 1Q-11 2Q-11 3Q-11 4Q-11 1Q-12 2Q-12 Class B Vacancy Class B Rents Vacancy & Availability Houston s medical office occupancy decreased slightly during the first half of 2012 with the citywide average vacancy rate increasing by 30 basis points (bps) to 12.5% from 12.2% at year-end By property class, Class B vacancy rates posted the only decrease, 70 bps to 11.6% in 2Q 2012, compared to 12.3% in 4Q In contrast, Class C vacancy rates increased 110 bps to 11.7% from 10.6% while Class A vacancy rates increased 150 bps to 14.8% from 13.3%. Sublease space has not had a significant impact on current vacancy rates, remaining below 1.0% of total vacant space over five years. Of the 3.3M SF of vacant space on the market at midyear 2012, only 70,380 SF was sublease space. Disciplined medical office development activity has helped prevent major upheavals in current occupancy levels. There were only seven (7) new buildings (152,108 SF) added to the market during 2011 and just three (3) buildings have delivered in The largest project completed within the past twelve months was the University of Texas MD Anderson Cancer Center Administration Building located at 7007 Bertner Avenue in the Texas Medical Center (895,600 SF owner occupied). Presently, only two medical office buildings are under construction including: Pearland Kirby Medical Plaza located at Kirby Dr. in the South submarket (44,579 SF and 55% preleased) and 3117 College Park Dr. in The Woodlands (30,000 SF and 23% preleased). Absorption & Demand Houston medical office buildings recorded 188,077 SF of positive net absorption in 2Q 2012, pushing year-todate 2012 net absorption to 911,996 SF. By property class, Class A posted the largest amount of year-to-date positive net absorption with 669,590 SF, followed by Class B properties posting 260,669 SF of positive net absorption. The majority of medical tenant move-ins during the first half of 2012 were in lease spaces under 5,000 SF. Some of those tenants include: Associates in Medicine; Medical Center Ear Nose and Throat Associates of Houston; Memorial Dentists; Memorial Pediatric Associates; New Dimensions Home Healthcare Plus; Texas Children s Pediatric Associates; and The University of Texas MD Anderson Cancer Center. Rental Rates Quoted full-service rental rates for all medical office property classes averaged $23.00/SF in 2Q 2012, an increase of 1.6% from the $22.65/SF in 4Q Medical office building landlords continued to offer lease concessions including free rent and generous tenant improvement packages to attract and retain credit worthy tenants. By property class, the average Class A rental rate of $28.89 per SF increased by 7.4% from $26.90 per SF and Class C increased by 3.9% to $17.25 per SF from $16.61 per SF in 4Q In contrast, the average Class B rate of $22.17 per SF decreased from $22.43 per SF in 4Q COLLIERS INTERNATIONAL P. 2

3 2012 YEAR TO DATE SALES Reliant Northwest Houston Chasewood Park Dr FM 1960/Hwy 249 Submarket RBA: 65,000 SF Built: 2012 Buyer: American Realty Capital Healthcare Trust, Inc. Seller: The Cirrus Group LLC Sale Date: May 2012 Sale Price: $31.6M MD Anderson Regional Care Center Saint John Dr NASA/Clear Lake Submarket RBA: 60,329 SF Built: 1986 Buyer: Hcri Nassau Bay Medical Facility, LLC Seller: First Cambridge HCI Acquisitions Sale Date: January 2012 Kindred Healthcare McKay Dr Greenspoint/IAH Submarket Sales Activity Transaction activity remained steady during the first half of 2012, with 23 properties changing hands. According to CoStar Comps, Houston medical sales transactions had a total dollar volume of $500M, averaging $239 per SF with an 8% capitalization rate. Many of the transactions were multiproperty sales; however, there were several significant single property transactions that occurred. The 65,000 SF Reliant Northwest Houston Rehabilitation Center in the FM 1960/Hwy 249 submarket was purchased by American Realty Capital Healthcare Trust, Inc. in May 2012 for $31.6M or $486 per SF. The 60,329 SF MD Anderson Regional Care Center in the NASA/Clear Lake submarket was purchased by Hcri Nassau Bay Medical Facility, LLC for an undisclosed amount. The property was built in 1986 and was 100% leased at the time of sale. The 55,650 SF, 42-bed, Kindred Healthcare Rehabilitation Center, located at McKay Dr in the Greenspoint/IAH submarket was purchased by Lexington Realty Trust for $27.8M or $500 per SF. Senior Housing Props Tr purchased the 63,082 SF Willowbrook Medical Arts Building from B&W Holdings Ltd for $16.8M or $266 per SF. The property is located in the FM 1960/Hwy 249 submarket and was 100% occupied at the time of sale. Leasing Activity Houston s 2012 midyear medical office leasing activity reached 275,322 SF. By property class, Class B product led the market with 181,195 SF leased, followed by Class C at 47,773 SF, then Class A at 46,354 SF. Although the majority of new leases signed in the first half of the year were in the 1,000-5,000 SF range, there were a few larger lease transactions. One of the larger transactions was Southwest Key Program s lease of 25,000 SF at 1550 LaConcha Ln in the South Main/Medical Center submarket. Additional lease transactions include: Hillcroft Medical Clinic expanded its lease by 11,390 SF in 2500 Fondren Rd, Offices at Piney Point II in the Katy Freeway submarket; New Dimensions Home Healthcare Plus Inc leased 4,819 SF at 4949 Fairmont Parkway in Pasadena; Texas Home Health Inc. renewed 9,828 SF and expanded by 4,121 SF in Northwest Crossing II located at 7676 Hillmont St in the Northwest submarket. RBA: 55,650 SF Built: 2012 Buyer: Lexington Realty Trust Seller: Intercontinental Medical Plaza LP Sale Date: May 2012 Sale Price: $27.8M Willowbrook Medical Arts Building Dotson Rd FM 1960/Hwy 249 Submarket RBA: 63,082 SF Built: 2007 Buyer: Senior Housing Props Tr Seller: B&W Holdings Ltd Sale Date: July 2012 Sale Price: $16.8M Source: Costar Group; Real Capital Analytics COLLIERS INTERNATIONAL P. 3

4 TEXAS MEDICAL CENTER The Texas Medical Center (TMC) the world s largest medical center represents one of Houston s major economic drivers and core industries with an estimated regional annual economic impact of $14 billion. TMC is also one of Houston s largest employers with 92,500 employees, including physicians, scientists, researchers and other advanced degree professionals in the life sciences. The internationally-renowned, 1,300-acre TMC is the world s largest medical complex with 52 member institutions, including leading medical, academic and research institutions, all of which are non-profit and dedicated to the highest standards of research, education and patient and preventive care. Member institutions include 13 hospitals and two specialized patient facilities, as well as 19 renowned academic and research institutions virtually covering all healthrelated careers including two medical schools, four nursing schools, as well as schools of dentistry, public health, and pharmacy and 15 support services organizations. Over 69,000 students including more than 7,000 international students are affiliated with TMC, including high school, college and health profession graduate programs. More than 7.1 million patients visited in 2011, including approximately 16,000 international patient visits. The University of Texas M.D. Anderson Cancer Center ranked #1 in U.S. News & World Reports America s Best Hospitals for cancer care. In addition to the medical facilities and institutions of higher learning, TMC is also home to more than 280 professional buildings. Overall, the complex covers over 18 miles of public and private streets and roadways, with 45.5 million square feet of existing patient, education, and research space. TMC has continued to grow and expand over the past several decades with the majority of growth occurring in the past ten years. The Center is located in the 110-acre University of Texas Research Park, a joint effort between the University of Texas Health Science Center, M.D. Anderson and General Electric Healthcare. In terms of future growth, TMC has approved $7.1 billion in building and infrastructure investments between 2008 and 2012, with annual research expenditures estimated at $1 billion. TMC Patient Care Institutions The University of Texas M.D. Anderson Cancer Center Texas Children s Hospital Memorial Hermann Hospital System The Methodist Hospital St. Luke s Episcopal Hospital Lyndon B. Johnson General Hospital Quentin Mease Community Hospital Ben Taub General Hospital The Institute for Rehabilitation and Research The Hospice at the Texas Medical Center Texas Heart Institute Shriners Hospitals for Children Houston Veterans Affairs Medical Center in Houston TMC Academic and Research Institutions Texas Children s Hospital Neurological Research Institute Baylor College of Medicine The University of Texas Health Science Center at Houston The University of Texas M.D. Anderson Cancer Center University of Houston College of Pharmacy Rice University Texas A&M University Health Science Center Prairie View A&M University College of Nursing Texas Woman s University Institute of Health Sciences Texas Southern University College of Pharmacy and Health Sciences Harris County Psychiatric Center Houston Academy of Medicine COLLIERS INTERNATIONAL P. 4

5 Houston Area Hospital Locations COLLIERS INTERNATIONAL P. 5

6 LISA R. BRIDGES Director of Market Research Houston Direct Fax COLLIERS INTERNATIONAL HOUSTON 1300 Post Oak Boulevard Suite 200 Houston, Texas Main Accelerating success. COLLIERS INTERNATIONAL P. 6

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