Medical Building Completed by i3, Market briefs

In Houston, i3, a Houston based full service real estate company, has recently completed the development of The Physicians Centre at Vision Park, located near Interstate 45 and The Woodlands.

The building is 38 percent pre-leased with My Houston Surgeons, which leased 11,832 SF and MHS Med Spa, which leased 6,220 SF, as part of their continued practice expansion into The Woodlands market.

The i3 development is located near The Woodlands Waterway and all of the major hospital systems in The Woodlands market including Memorial Hermann, Texas Children’s, Methodist, and St. Luke’s.

“We look forward to having our first tenants move into their space this summer and serving the needs of the medical community in The Woodlands,” said Doug Demiano, i3 Chief Operating Officer.

In The Physicians Centre at Vision Park is a 47,747 SF, three, story, Class A medical office building developed by i3 and is owned by PCVP 1 2116, LP. Leasing is handled by The J. Beard Real Estate Company.

Houston Leads Nation in Medical Construction

Houston leads the nation in the construction of medical buildings, as stated by a report in 42Floors.

“Multi-tenant medical buildings are increasingly popular with investors looking to diversify their portfolios amid uncertainty,” 43Floors reported.

“The result is a boom in medical office building construction, both in terms of owner-occupied properties, as well as rentable facilities.”

Houston added 125,000 of population in 2022, number two behind only Dallas-Fort Worth, as stated by the Greater Houston Partnership and the U.S. Census Bureau. Metro Houston’s population is now 7.34 million.

The aging population trends add to the demand for medical facilities. The youngest of the massive, post-war Baby Boomer generation turns 59 years old this year.