Q2 2025 Southwest Florida Medical Office Market Report
Fort Myers Medical Office Trends
As Fort Myers has increased its population in recent years, which was around 86,000 residents for the 2020 census, it has required new medical office developments for citizens. Two properties are underway and will deliver in the Cape Coral and Fort Myers submarket in July and August. The first property in Fort Myers is a 7,800-square-foot medical office owned by Apex Physical Therapy Concepts, and the second is a medical office in Cape Coral, a 2,500-square-foot property owned by Florida Heart Associates. Lee Health is on its way to increase its care as it is undergoing plans for a new Fort Myers medical campus. The $150.5 million expansion will add 94 beds, a new patient tower, and a childcare center.
By the Numbers | Past 12 Months
- Sales Volume: $71.9M
- Average Cap Rate: 8.5%
- Sale Price per SF: $197
- Total Inventory: 4.9M SF
- Under Construction: 7,800 SF
- Vacancy Rate: 5.4% | Q2 2025 | Source: CoStar Group, Inc.
Demographics
- Unemployment Rate: 3.6%
- Median Household Income: $75K
- Total Households: 4,355
Naples Medical Office Trends
Naples will see the addition of a brand-new medical center upon completion in August. The 21,800-square-foot Bay Pines Medical Center will include spaces suitable for internal medicine, eye care, dental offices, and others. It is a Class A facility with proximity to Waterside Shops. Additionally, a new $265 million heart center is on the way in Naples. Construction for the project began in April, and it will take 2.5 years to complete. Upon completion, the five-story facility will be made up of 189,000 square feet and will add heart and stroke care to the property.
By the Numbers | Past 12 Months
- Sales Volume: $16.4M
- Average Cap Rate: 8.8%
- Sale Price per SF: $237
- Market Asking Rent per SF: $35.06
- Under Construction: 21.8K SF
- Vacancy Rate: 7.6% | Q2 2025 | Source: CoStar Group, Inc.
Demographics
- Unemployment Rate: 3.1%
- Median Household Income: $92.4K
- Total Households: 2,684
