Find Texas Medical Center Office Space for Rent
Texas Medical Center, the largest life sciences destination in the world, is Houston’s medical district and a core business district. It is named for its 54 not-for-profit medical institutions, most of which are situated between Brays Bayou, Hermann Park, and Rice University.
Among the institutions there are 21 hospitals, eight research institutions, four medical schools, seven nursing schools, three public health institutions, two pharmacy schools, and one dental school. Many of the medical institutions are part of the largest medical complex in the world: Texas Medical Center Corporation.
Notable institutions include the University of Texas Health Science Center at Houston, Baylor College of Medicine, University of Texas Health Science Center at Houston, Baylor College of Medicine, and Texas A&M College of Medicine.
Houston Medical Center Office Space | Lease Data & Trends
Medical Center offers a total inventory of nearly 4 million square feet of office space, and only around 8% of it is currently available for lease. On average, commercial space seekers will find spaces cost around $30 per square foot. That’s just below the overall Houston average of $30.80. Medical Center has almost 2 million square feet of Class A spaces, which cost approximately $33/sqft to rent. Class B space is slightly cheaper at $28/sqft. Office space costs in Medical Center are comparable to Energy Corridor, San Felipe/Voss, and Katy Freeway West.
What Our Brokers Say About Medical Center Office Space
When asked what is the world’s largest medical center, a lot of people might say the Cleveland Clinic or Mayo Clinic—but it’s actually Texas Medical Center. Along with its 54 medical centers, it has 106,000 employees, 7.2 million daily visitors, 180,000 surgeries per year, and a gross domestic product of $25 billion. In particular, Medical Center is known for its heart surgeries. Surgeons in Medical Center perform an average of 13,600 heart surgeries every year, which is the most in the world.
Medical Center covers a total of 4.93 square miles, or 12.8 square kilometers. It’s located about three miles south of Downtown Houston. Hermann Park borders it to the north, Brays Bayou borders it to the south and east, and Southampton neighborhood and Rice University border it to the west.
No freeways provide direct access to Medical Center, so driving personal vehicles to get around or get to work can be a challenge. However, the district provides plenty of options when it comes to public transportation. The METRORail (bus, light rail, and shuttle service) Red Line is a common choice; rail stops include Memorial Hermann Hospital/Houston Zoo, Dryden/TMC, and the Texas Medical Center Transit Center. The district is currently under construction to provide more parking and expand Main Street, Fannin Street, and Holcombe Boulevard, the district’s arterial roads. The area is somewhat pedestrian-friendly and also suitable for biking.
Medical Center includes more than just hospital-related structures. For example, just like other suburbs of Houston, the district includes plenty of places to grab lunch or host a business meeting. Look up M&M Grill, Gyro King, Houston’s Famous Deli, or Sleepy’s Po-Boys to try out some interesting cuisines. Medical Center also has plenty of fun things to do. The aforementioned Hermann Park offers pedal boating, golfing, a garden, hiking, and free admission. Within the Hermann Park is the Miller Outdoor Theater; visitors can watch free outdoor professional shows performed by Theatre Under the Stars, the Houston Symphony, and the University of Houston. The Houston Zoo is also nearby and lets visitors see more than 800 different types of animals.
The Texas Medical Center Corporation recently announced a new development—TMC3, a collaborative research campus—which will start in 2019 and hopefully finish in 2022. The new research center will be approximately 1.5 million square feet in size and create about 30,000 new jobs. “The project itself, I think, is one of the most transformational things that will ever happen to the Texas Medical Center, said Bill McKeon, TMC3 president and CEO. The new development will also involve the construction of an accompanying hotel and conference center.
Houston Medical Center History
Medical Center began at the start of the 20th century when banker and cotton trader Monroe Anderson and his brother-in-law started a cotton merchandising firm. With those profits, he joined Bates and John H. Freeman to establish the MD Anderson Foundation business partnership. He wanted the money from his estate to be used for health, science, and education, so when he died, the foundation used its $19 million to start what would later become the Texas Medical Center.
Ernst W. Bertner, MD, who traveled around the world studying medical centers, worked with Frederick C. Elliot, MD, dean of Texas Dental College of Houston to interest Anderson’s trustees in establishing medical institutions with the funds. After a long journey of planning and working with a variety of organizations, Hermann Hospital opened in 1925 and admitted its first patient. In 1942, the MD Anderson Hospital of Cancer and Research of the University of Texas became the Texas Medical Center institution’s first member. In 1950, the Texas Children’s Hospital was established. In 1968, Dr. Denton Cooley performed one of the nation’s first heart transplants at the Texas Heart Institute; today, of course, Texas Medical Center is famous for its many heart transplants.
“I think Mr. Anderson, if he saw this medical center today, would say, ‘I see it out there, but I don’t believe it,” Freeman said in 1973. “It’s all there, and you can reach out and touch it. It’s real.”
Today, Anderson’s investment in the health of future generations has resulted in the establishment of the Texas Medical Center Corporation, the world’s largest medical complex. Each year, 25,000 babies are delivered and more than 3,300 patients are assisted each day. And, of course, Medical Center is also a thriving business and residential community enjoyed by many.