2023 Healthcare Investor Survey & Trends Outlook

The tailwinds of demographic shifts and the consistent demand for healthcare services make medical real estate an attractive investment opportunity

February 21, 2023
  • Erik Hill, MAI, CCIM, MRICS
  • Brian L. Chandler, MAI, CRE, FRICS
  • Bryan J. Lockard, MRICS
  • Kari Beets
  • Maddie Holmes
  • Amber Schiada
  • Lauro Ferroni

In our survey, 66% of respondents viewed Medical Office Buildings (MOB) as the biggest opportunity in healthcare real estate, followed by Ambulatory Surgical Centers (ASC), highlighting the shift in opportunity to outpatient care vs. inpatient facilities. The impacts of COVID-19 were vast and wide-ranging, impacting healthcare margins and permanently affecting how the healthcare system operates and responds to crises. However, 30% of respondents to our survey believe we have endured the worst and expect market valuations and transaction activity to improve in the next 12 months.

Report highlights:
  • Capital markets activity for healthcare properties in H1 2022 far outpaced H1 2021, but transactions slowed in H2 2022, especially for single property sales, due to pricing uncertainty stemming from rising interest rates

  • Capitalization rates have risen 50bp and are likely to continue to see upward pressure in early 2023, but should stabilize near the midpoint of the year

  • MOB fundamentals remain strong with resilient occupancy and steady rent and NOI growth

  • Shift to outpatient care opens opportunities for more investment in MOBs and ASCs

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