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Feature Story: First-half MOB sales volume drops drastically

Revista provides Q2 market update; lender says cap rates are now in the 6-6.5% range

By John B. Mugford

Steve Reedy of First Citizens Bank was the guest speaker for Revista’s Q2 Subscriber Webcast July 20. (HREI photo)

It goes without saying that nearly everyone involved in the medical office building (MOB) sector suspected that the sales volume is off to quite a slow start in 2023.

Even so, the depths to which the actual first-half MOB sales volume fell might still come as a shock.

According to the most recent statistics from Arnold, Md.-based Revista and its healthcare real estate (HRE) data service, RevistaMed, the MOB sales volume in the first half of 2023 fell 71 percent compared to the first half of 2022.

During Revista’s Q2 Subscriber Webcast on July 20, Taryn Harris, the firm’s director of property research, provided MOB sales data showing that the preliminary volume in the second quarter (Q2) was just $1.2 billion, the lowest quarterly volume Revista has recorded since its founding in 2015.

When combined with the MOB sales volume of $1.7 billion in Q1, the first half of 2023 saw sales of

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