New Cresa Data Maps the Next Wave of Medical Office Winners
Pricing Power Narrows To A Few Markets
Across the country, asking rents for medical office space have cooled from the pace of the last few years, with average base rents rising less than one percent over the past 12 months, even as operating costs continue to climb. Yet a handful of markets are still commanding notable premiums and in some cases, outsized rent growth.
On the pricing side, San Francisco, Miami and San Jose sit at the top, with Q1 2026 medical office asking rents of $51.04, $49.30 and $46.94 per square foot, respectively.
Los Angeles and New York City follow at $44.65 and $42.34 and San Diego, Seattle, Austin, Charlotte and Charleston complete the top tier, all in the mid‑30s to high‑30s per square foot range.
These are markets where location, demographics and the depth of local health systems are allowing landlords to hold firm on rents despite higher all‑in occupancy costs.
Rent growth paints a slightly different map. Orlando is the clear standout, posting 5.32 percent gains over the past year, far ahead of the national medical office average of 0.78 percent.
Dallas and Charleston come next at 2.35 percent and 2.24 percent, with Tampa at 2.03 percent and Denver at 1.69 percent. Las Vegas, Miami, Austin, Los Angeles and San Francisco all land in the 1 to 1.54 percent range.
The overlap between the high‑rent and high‑growth lists is limited—Miami and San Francisco appear on both—but the broader pattern is clear: coastal markets hold the highest face rents, while rent growth is strongest in a set of Sun Belt and Mountain metros where supply has lagged demand.