If you are thinking about buying medical office space in the Lake Nona region, you are looking at one of Central Florida’s most active healthcare-driven submarkets. That can create real opportunity, but it also raises the stakes on pricing, lease structure, and due diligence. This guide will help you understand why demand is strong, what local product looks like, and how to evaluate a property with more confidence. Let’s dive in.
Why Lake Nona draws medical office demand
Lake Nona stands out because it combines a large master-planned community with a major health and life sciences presence. The area spans a 17-square-mile community in Orlando, with medical, office, and mixed-use space clustered around Lake Nona Town Center and Medical City, according to Lake Nona’s commercial overview.
Demand is also supported by broader employment growth. In December 2025, education and health services employed 207.5 thousand workers in the Orlando area, and the sector added 10,300 jobs year over year, the most of any industry, according to the U.S. Bureau of Labor Statistics Orlando summary.
Population growth adds another layer of support. U.S. Census QuickFacts shows Orange County reached an estimated population of 1,533,646 in July 2024, while Orlando city reached 334,854 residents. A growing population can support continued need for outpatient care, specialty practices, and related healthcare services.
Healthcare anchors matter here
The Lake Nona region is not just growing. It is anchored by major healthcare institutions that can strengthen long-term demand for nearby medical office space. The Orlando VA Medical Center says it is part of a 650-acre health and life sciences park and completed 1.9 million outpatient visits in 2024.
Other nearby anchors continue to expand the medical ecosystem. UCF Lake Nona Medical Center opened with 64 inpatient beds and a 20-bed emergency department, and Nemours Children’s Health operates at UCF Lake Nona Hospital. AdventHealth is also building a 10-story hospital in Lake Nona that is expected to open in 2026, based on the research provided.
For an owner, this matters because hospital adjacency and healthcare clustering can support tenant interest across a wide range of users. That can include physician groups, outpatient providers, therapy practices, imaging-related users, and administrative healthcare tenants, depending on the property and permitted use.
What medical office space looks like locally
One of Lake Nona’s strengths is that it offers more than one product type. According to Lake Nona’s health and wellbeing commercial listings, the local inventory includes small physician-office suites, flexible multi-tenant space, and larger campus-style medical buildings.
Examples include Lake Nona Physician Offices near UCF Lake Nona Hospital, One Performance Plaza at 152,784 square feet, and Lake Nona Corporate Park with suite sizes ranging from 2,000 to 21,000 square feet. This range gives buyers different paths depending on whether you want a smaller owner-user opportunity, a multi-tenant investment, or a larger institutional-style asset.
Another example is Lake Nona Town Center Office I, an 85,000-square-foot office building with upgraded finishes, adjacent parking, and access to SR 417, SR 528, Florida’s Turnpike, and Orlando International Airport. In practical terms, that kind of access can matter for both staff and patient convenience.
Features medical tenants often prioritize
Medical office users usually care about more than rent. Local leasing examples show that parking, signage, accessibility, and building design can carry real weight in tenant decisions.
For example, a JLL leasing announcement for Nona Medical Center highlights features such as 215 dedicated parking spaces, 14-foot-8-inch ceilings, two elevators, signage opportunities, and proximity to major healthcare campuses. These details help show what the market values in this submarket.
If you are evaluating a purchase, pay close attention to:
- Parking capacity and patient access
- Visibility from major roads
- Building signage options
- Elevator access
- Ceiling height
- HVAC and plumbing suitability
- Tenant improvement allowances
- Proximity to hospital and healthcare anchors
A property that checks these boxes may be better positioned to attract or retain medical tenants.
Lease structure can shape your returns
Owning medical office space is not just about finding a good building. You also need to understand how the lease economics work. According to CBRE’s office lease insights, office leases are commonly structured as gross or net, and modified gross structures and CPI-adjusted escalations have become more common as operating expenses rise.
That means two properties with similar asking rents can perform very differently once expenses are fully underwritten. A triple-net lease may shift more costs to the tenant, while a modified gross lease may leave more expense exposure with the owner.
You should review:
- Base rent
- Expense reimbursements
- Escalation language
- Lease term length
- Renewal options
- Tenant improvement obligations
- Leasing commissions
- Remaining lease term by tenant
Small details in the lease can have a large impact on cash flow over time.
How to underwrite a Lake Nona medical office deal
National fundamentals for medical office remain relatively steady, which can provide a useful benchmark. The research report notes that CBRE’s Q4 2025 figures showed a 7.0% average cap rate, an average sale price of $300 per square foot, and a 9.8% vacancy rate. Revista’s 1Q2026 summary showed occupancy at 92.5% and average triple-net rent around $26.00 per square foot, while JLL reported record MOB occupancy of 92.7% in Q4 2025 and average rent growth of 3.3% year over year.
Those numbers are helpful, but they do not replace property-level underwriting. In Lake Nona, the key question is often whether a specific asset is priced reasonably for its location, condition, tenant mix, and future capital needs.
A practical underwriting checklist should include:
- Current rent roll and actual collections
- Lease expiration schedule
- Tenant credit quality
- Escalation schedule
- Operating expense history
- Deferred maintenance
- Future tenant improvement costs
- Leasing assumptions for vacant space
- Exit cap sensitivity
JLL also reported that average medical office lease escalations were about 3% and new lease terms averaged almost nine years, while health systems accounted for 46% of MOB leases tracked in 2025. Longer lease terms can support stability, but you still need to test your assumptions carefully.
Build-out costs deserve special attention
Medical office space often has higher build-out costs than general office space. That can be a positive for occupancy because tenants may be less likely to move once they invest heavily in the space. JLL notes that medical office tenants usually stay longer because the space is expensive to build out and difficult to relocate, according to the research provided.
At the same time, those costs can work against an owner who underestimates future capital needs. If a tenant leaves, reconfiguring exam rooms, plumbing, waiting areas, or specialized layouts may require significant investment before the next lease begins.
For that reason, your return analysis should not stop at purchase price and in-place income. You should also model likely tenant improvement costs, downtime, and leasing costs under multiple scenarios.
Due diligence before you buy
Due diligence in medical office is more detailed than many buyers expect. The basics still matter, but the way they affect healthcare users can be more specific.
Based on the local examples and research, your review should focus on:
- Zoning and permitted medical use
- Parking ratios and access flow
- Signage rights
- Elevator capacity
- HVAC performance
- Plumbing and utility capacity
- ADA-related access considerations
- Lease language and expirations
- Tenant improvement obligations
- Access to major roads and healthcare campuses
In a submarket like Lake Nona, where properties range from smaller suites to larger Class A buildings, those details can directly influence leasing success and long-term value.
Property management can protect value
Medical office ownership is not purely passive. Specialized property management can help protect tenant relationships, coordinate vendor work, and support smoother handling of build-outs and ongoing operations.
The research report points to JLL’s healthcare property management expansion across millions of square feet of medical and office space as one example of how specialized management matters in this asset class. For a private buyer or small investor, the takeaway is simple: operational discipline matters.
If you plan to own medical office space in Lake Nona, make sure your management plan covers tenant communication, preventative maintenance, vendor coordination, budgeting, and response times. Those basics can make a meaningful difference in retention and asset performance.
How a commercial advisor can help
Lake Nona blends hospital-adjacent medical buildings, mixed-use office product, and flexible commercial space. That variety creates opportunity, but it also means one-size-fits-all advice can miss the mark.
A commercial advisor can help you compare product types, review lease structures, test assumptions, and position a property for the right tenant audience. This fits well with The HomePlace Team’s consultative, outcomes-driven approach to commercial brokerage, leasing, and investment advisory across the Orlando metro.
If you are weighing an acquisition in the Lake Nona region, the goal is not just to buy into a strong story. It is to buy the right asset at the right basis, with a clear plan for leasing, management, and long-term performance.
When you are ready to explore medical office opportunities in Central Florida, connect with Lisa Owen for practical guidance tailored to your investment goals.
FAQs
What makes the Lake Nona region attractive for medical office ownership?
- The Lake Nona region benefits from healthcare job growth, population growth, and major institutional anchors such as the Orlando VA Medical Center, UCF Lake Nona Medical Center, Nemours Children’s Health, and the future AdventHealth hospital.
What types of medical office properties are available in Lake Nona?
- Local inventory includes smaller physician-office suites, flexible multi-tenant space, and larger Class A medical and office buildings near Town Center and Medical City.
What lease terms should you review before buying medical office space in Lake Nona?
- You should review rent structure, reimbursements, escalations, lease term length, renewal options, tenant improvement obligations, leasing commissions, and each tenant’s remaining term.
What building features matter most to medical office tenants in Lake Nona?
- Common priorities include parking, patient access, signage, elevator service, ceiling height, HVAC and plumbing suitability, and visibility near major roads and healthcare campuses.
What due diligence steps matter most for Lake Nona medical office buyers?
- Focus on zoning, permitted use, parking, signage rights, building systems, lease expirations, access, and any property-specific obligations tied to medical tenant improvements or operations.
How can Lisa Owen help with medical office property decisions in Central Florida?
- Lisa Owen and The HomePlace Team offer commercial brokerage, leasing, and investment advisory support to help you evaluate opportunities, review market positioning, and make more informed decisions across the Orlando metro.
