Feature Story: Foreign capital is returning to HRE

At Colliers event, presenters also discuss the return of the portfolio premium

By John B. Mugford

At the recent Colliers National Healthcare Conference in New Orleans, Mike Hargrave of Revista and David Braunstein of Rethink Healthcare Real Estate discussed foreign capital, the return of the portfolio premium, cap rates, spreads and more. (Photo courtesy of Colliers)

As medical outpatient building (MOB) sales start to pick up in the second half of 2025 and into 2026 – which many healthcare real estate (HRE) professionals are predicting – a certain type of buyer looks to be getting more involved, or is at least showing more of an interest in the property type.

That buyer type is foreign capital.

The topic of foreign capital becoming more interested in U.S. healthcare facilities was one of several topics discussed during a presentation at Colliers International’s 2025 National Healthcare Conference in mid-September at the Hotel Monteleone in New Orleans.

The discussion centered on sector data provided by Mike Hargrave, principal of Arnold, Md.-based Revista, an HRE research service, with reaction and insights from David Braunstein, senior VP of investments at White Plains, N.Y.-based Rethink Healthcare Real Estate.

Hosting the overall event was Shawn Janus, national director of Healthcare Services for Colliers International Group Inc. (Nasdaq: CIGI).

As Messrs. Hargrave and Braunstein discussed the state of the MOB sales market – which has been hovering at average quarterly volumes of about $2 billion for the past two years or so – they noted that

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