Thought Leaders: Q2 2026 U.S. MOB Figures | Record Rents Support MOB Market Stability

▲ $2.7 B Investment Volume

▲ 7.10% Average Cap Rate

▲ 1.18 M SF Net Absorption

▶ 9.8% Vacancy Rate

Note: Arrows indicate change from the previous quarter.

Investment volume is compiled using the MSCI transactional database and deals reported by CBRE Healthcare Capital Markets and CBRE Healthcare Practice Advisory Group.

Executive Summary

• Medical outpatient building (MOB) investment volume increased by 24% year-over-year in Q2 to $2.7 billion, 11% above the five-year Q2 average and bringing the trailing-four-quarter total to $14.4 billion.
• The average MOB sale price of $307 per sq. ft. was 57% higher than the $196 average for traditional office buildings.
• Average MOB cap rates remained relatively stable, rising by just 4 basis points (bps) year-over-year to 7.1%.
• The average MOB asking rent increased by 1.3% year-over-year to a record high of $25.46 per sq. ft.
• The sector had 1.18 million sq. ft. of net absorption in Q2, its fifth consecutive quarter of positive demand.
• The 59 markets tracked by CBRE had a combined 2.7 million sq. ft. of space under construction as of Q2.

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For more information, please contact:

Chris Bodnar
Vice Chairman
Investment Properties
+1 720 635 2653

Brannan Knott
Executive Vice President
Investment Properties
+1 443 983 6039

Zack Holderman
Senior Vice President
Debt & Structured Finance
+1 858 337 9412

Anthony Sardo
Senior Vice President
Debt & Structured Finance
+1 978 337 9980

Cole Reethof
First Vice President
Investment Properties
+1 404 504 7864

Jesse Greshin
Vice President
Debt & Structured Finance
+1 860 808 4810