The aging U.S. population, pressure on healthcare providers to cut costs, and new technologies have boosted the demand for medical office properties in recent years, according to a report from CBRE.

The U.S. Census Bureau estimates the 65-and-older population will nearly double between 2015 and 2055 to more than 92 million and comprise nearly 23 percent of the country’s total population by 2055.

“The steep increase in the 65-plus population and anticipated greater need for in-office physician services by this group signals a continued increase in demand for healthcare services and medical office space in the years ahead,” said Andrea Cross, Americas head of office research at CBRE, in a statement.

The overall U.S. medical office building vacancy rate was 8 percent during first quarter 2017, down by nearly 300 basis points from first quarter 2010. The five markets with the lowest first-quarter vacancy rates were Nashville (2.8 percent), New York City (3.2 p