After losing ground in 2024, the Phoenix medical office market regained its footing last year as demand rebounded, vacancy compressed and investing strengthened. Supported by steady demographic tailwinds and continued expansion in healthcare employment, the sector is entering 2026 on more stable ground, even as rent growth remains subdued.
CoStar Insight
Phoenix medical office market strengthened last year
Accelerating leasing converged with a manageable construction pipeline to drive improvement
CoStar Analytics
March 18, 2026 | 2:54 P.M.
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