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Feature Story: When will MOB sales bounce back?

Probably not before the elections of 2024, according to an InterFace panel

By John B. Mugford

The InterFace Healthcare Real Estate conference investment panel included (from left to right): John Fry, SVP- Acquisitions, Rendina Healthcare Real Estate; Ryan Crowley, SVP, Investments, Healthcare Realty; Alex Bell, Partner, Catalyst Healthcare Real Estate; Eric Lee, Managing Director Medical & Life Sciences, Berkadia Real Estate Advisors LLC; Chris Morgan, Senior Manager, Investments, Big Sky Medical; and the moderator, Andy Dow, Shareholder, Member of Board of Directors and Chair, Real Estate Industry Group, of Winstead PC.
(HREI™ photo)

On the surface, the current state of the medical office building (MOB) investment market is about as slow as it’s been for years, maybe decades.

“The first half of the year volume was down … anywhere from 66 to 71 percent versus the first half of 2022,” said Andy Dow, an attorney with a focus on healthcare real estate (HRE) and the chair of the Real Estate Industry Group with Dallas-based Winstead PC. “The (second quarter) volume was roughly $1.2 billion, which was the lowest quarterly volume ever recorded by RevistaMed (an HRE data and research firm) since it was founded in 2015.”

However, as is typically the case with a complex, robust industry like HRE, there is much more going on than meets the eye.

For example, while sales of MOBs are certainly slow, a panel of HRE investors noted last week that

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