Cushman & Wakefield
MOB Capital
Markets
2026 Outlook
Lower Rates and Strong Fundamentals Fuel Market Momentum
Medical Outpatient Building (MOB) capital markets gained momentum in late 2025 as lower interest rates, improved sentiment, and rising transaction volume signaled a clear recovery heading into 2026. Portfolio activity—particularly major trades like Welltower’s large disposition—helped drive record-setting fourth‑quarter volume, while pricing, cap rates, and refinancing conditions all continued to strengthen. With ample dry powder, stabilizing valuations, and robust fundamentals, MOB investors are positioned for an active and opportunity-rich 2026.
KEY TAKEAWAYS
- MOB investment volume surpassed $14B in 2025, up 34% YOY, driven by improving sentiment and lower borrowing costs.
- Q4 2025 was one of the strongest in a decade, with $8.2B in transactions and notable portfolio sales boosting momentum into 2026.
- Cap rates compressed by 20–40 bps in late 2025, signaling renewed investor confidence and improved pricing clarity.
- MOB income returns reached 5.6% in Q4 2025, outperforming major property indices and showing strong longterm resilience.
- Overall, capital flows, pricing clarity, and demographic-driven fundamentals set the stage for a strong MOB investment environment in 2026.
- Full report here
Sandy Romero
Head of Office & Alternatives,
Global Research
Sandy.Romero@cushwake.com
Gino Lollio
Co-Head of U.S.
Healthcare Capital Markets
Gino.Lollio@cushwake.com
Travis Ives
Co-Head of U.S.
Healthcare Capital Markets
Travis.Ives@cushwake.com
Tyler Morss
Director, Equity & Debt
Healthcare Capital Markets
Tyler.Morss@cushwake.com
Lorie Damon
Executive Managing Director
Healthcare Advisory Practice
Lorie.Damon@cushwake.com
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