As the U.S. population ages, healthcare is becoming more important than ever. This is likely to bring an economic windfall for electrical contractors that specialize in medical office space or desire to move into that sector.

According to Yardi Matrix’s Office National Report released in August, medical offices are “resilient, supported by favorable long-term healthcare trends.” Perhaps not surprisingly, the report showed that metro areas with aging populations appreciated at a minimum 89%, especially Tampa, Fla. (90%), and Fort Lauderdale, Fla., and Phoenix (both 89%). That compared favorably to general office space in those cities at maximum 76%, with Phoenix coming in lowest at 65%.

“Demand for medical office has been sustained by demographic trends, immunity to economic downturns and difficulties in adopting remote work practices,” according to the report.

Healthcare and education are the fastest-growing employment sectors, growing 2.4% nationally year-over-year, compared to only 0.3% for nonfarm jobs and 0.3% for office-based jobs.

Consider the over 51,000-square-foot medical office building on Davis Boulevard that Tampa General Hospital acquired in late 2025 from Healthcare Realty for $22 million, which was a whopping 177% jump over the property’s 2014 purchase price of $7.9 million.

Traditional office-using sectors are affected by a slowing economy, but not so with healthcare, which is “generally protected due to its essential nature” and the fact that services often require on-site care. The effects of the COVID-19 pandemic also changed the face of medical office starts, rising from 11% in 2020 to 26.5% last year, despite comprising just 10.4% of total stock. Annual general office starts decreased 73% over the decade to just 11.4 million square feet, while medical office starts declined just 9.5% to just over 6 million.

Medical office “appears well positioned for future growth … as demand for healthcare services increases,” the report concluded.

Additional data points from the report:

• Through July 2026, 13.1 million square feet of office space were delivered, with another 29.5 million under construction. Miami is a leader in this area, with 1.3 million total square footage of office space currently under construction.
• Yardi Matrix also recorded 1,576 transactions so far in 2026, with office properties trading for an average $198 per square foot. Prices in San Francisco jumped to $543 per square foot after lagging for about three years.