BGL Healthcare Real Estate Q3 2025 Market Update
Chicago, IL — November 24, 2025 — Activity in the medical outpatient sector trended slightly upward in Q3 2025, supported by steady medical-service demand, aging-population tailwinds, and limited new supply.
Transaction volume reached $2.8B in Q3 2025, up from $1.9B in Q1 and $2.5B in Q2. On a year-over-year basis, Q3 volume increased 22%, signaling some acceleration in market activity. Relative pricing remained consistent, with average cap rates declining by approximately 2.5 basis points to just under 7.3%. Price per square foot also remained strong, with the median sales price per square foot rising to $334 in Q3 — an increase from $311 in Q1 and $333 in Q2, and the highest level observed in 2025 to date.
BGL’s Healthcare Real Estate Market Update highlights activity and industry trends in the medical outpatient real estate sector, particularly by featuring the most active players in Q3, and provides year-to-date transaction activity and in-place metrics by region. BGL remains committed to informing clients of the current state of the healthcare real estate market and is always available to discuss appropriate strategies and financial alternatives with its clients and prospects.
To read the Healthcare Real Estate Update, click here or on the image below:
BGL’s Healthcare Real Estate Market Update highlights activity and industry trends in the medical outpatient real estate sector, particularly by featuring the most active players in Q3, and provides year-to-date transaction activity and in-place metrics by region. BGL remains committed to informing clients of the current state of the healthcare real estate market and is always available to discuss appropriate strategies and financial alternatives with its clients and prospects.
For additional information, please contact:
SEAN P. MAYNARD
Managing Director
Healthcare Real Estate
312.291.3171
smaynard@bglco.com
MICHAEL F. JANUS
Vice President
Healthcare Real Estate
312.291_3162
mjanus@bglco.com
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Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, divestitures, capital markets, financial restructurings, valuations and opinions, real estate, and other strategic matters. BGL has investment banking offices in Boston, Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Chicago and Cleveland. The firm is also a founding member of REACH Cross-Border Mergers & Acquisitions, enabling BGL to service clients in 30 countries around the world. For more information, please visit https://www.bglco.com.
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Brown Gibbons Lang & Company
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