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A Look at Revista’s Highest Occupied MOB Market

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The Revistamed Metro Rankings page provides an easy way to quickly measure the top 125 metro areas on key medical office metrics.  The columns are sortable and users can also download the data to xls where even more columns will populate.  So we sorted the table by Occupancy TTM and guess which metro area has the highest occupancy as of 4Q23?  – Well if you guessed Lancaster, PA you were correct!

So lets look quickly at the Lancaster PA metro area.  Revista counts almost 2.5 million square feet (SF) in the market, making it the 97th largest market Revistamed tracks.  Lancaster’s occupancy rate, at 96.9% ranks #1 of the top 125 metros.  The occupancy rate has been on a slow and steady rise since 3Q20 when it was 95.6%. 

Lancaster General Hospital (LGH), which is part of Penn Medicine is the leading inpatient provider in the Lancaster metro area and controls 63% of the inpatient market as well as 66% of the outpatient market (compared to other hospitals) in the metro area.  Wellspan and UPMC also vie for share in the Lancaster market.  In December of 2022, Heitman purchased the UPMC outpatient center building in Lancaster for $13.9 million.

There is also construction in the market.  Wellspan is building 2 outpatient ASC’s in the market including a 34,000 SF 2 story building on Fruitville Pike.  Penn Medicine/LGH is also investing in the market with a $100 million mixed use project in Lancaster.    

All in all, an active and vibrant market is Lancaster, PA.

Other Articles by Mike Hargrave:

The Revistamed Metro Rankings page provides an easy way to quickly measure the top 125 metro areas on key medical office metrics. The columns are sortable and users can also download the data to .xls where even more columns will populate. So we sorted the table by Occupancy TTM and guess which metro area has the highest occupancy as of 4Q23? - Well if you guessed Lancaster, PA you were correct! So lets look quickly at the Lancaster PA metro area. Revista counts almost 2.5 million square feet (SF) in the market, making it the 97th largest market Revistamed.com tracks. Lancaster’s occupancy rate, at 96.9% ranks #1 of the top 125 metros. The occupancy rate has been on a slow and steady rise since 3Q20 when it was 95.6%. Lancaster General Hospital (LGH), which is part of Penn Medicine is the leading inpatient provider in the Lancaster metro area and controls 63% of the inpatient market as well as 66% of the outpatient market (compared to other hospitals) in the metro area. Wellspan and UPMC also vie for share in the Lancaster market. In December of 2022, Heitman purchased the UPMC outpatient center building in Lancaster for $13.9 million. There is also construction in the market. Wellspan is building 2 outpatient ASC’s in the market including a 34,000 SF 2 story building on Fruitville Pike. Penn Medicine/LGH is also investing in the market with a $100 million mixed use project in Lancaster. All in all, an active and vibrant market is Lancaster, PA.