The doctor's office is in

Demographic shifts and population influx have kept values for medical office buildings and related facilities up throughout Florida, even as office submarkets in some spots along the Gulf Coast appear to have peaked for this economic cycle.

The resilience of medical office as an asset class is also pushing new development statewide, at a time when other sectors — hospitality, residential towers and retail, among them — seem to be taking a pause after years of new construction and absorption.

“The demographics as they now exist and that are projected are very supportive of health care real estate in Florida,” says Patrick Marston, a partner in Optimal Outcomes, a St. Petersburg-based medical space developer. “Simply put, with the American age wave we're experiencing, more people need access to medical facilities.”