NOVEMBER 2025
U.S. Healthcare Capital Markets Real Estate eNews
CBRE
3RD QUARTER MOB REPORT
MOB Investment Rises Amid Record-High Rents
CBRE Research – November 2025
Report Highlights:
• Medical outpatient building (MOB) investment volume increased by 27% quarter-over-quarter in Q3 to $2.7 billion, bringing the trailing-four-quarter total to $9.4 billion.
• The average MOB sales price of $298 per sq. ft. was 51% more than the $197 per sq. ft. for traditional office buildings.
• The average MOB capitalization rate fell by 6 basis points (bps) quarter-over-quarter but rose by 2 bps year-over-year to 7.0%.
• Washington, D.C. was the top market for trailing-four-quarter MOB investment volume with $559 million, followed by Phoenix with $414 million and Dallas with $407 million.
• Average asking rents remained at a record-high $25.20 per sq. ft. in Q3, up by 0.5% year-over-year.
• The MOB sector had 624,000 sq. ft. of positive net absorption in Q3, its second consecutive quarter of positive demand.
• The 59 markets tracked by CBRE had a combined 2.4 million sq. ft. of MOB space under construction as of Q3, led by Dallas, Phoenix and Philadelphia.
For more information, please contact:
CBRE U.S. Healthcare Capital Markets & BlackBirch Capital Investment Banking
Chris Bodnar
CBRE
Vice Chair
Brannan Knott
CBRE
Executive Vice President
Zack Holderman
CBRE
Senior Vice President, DSF
Cole Reethof
CBRE
Vice President
Jesse Greshin
CBRE
Vice President, DSF
Trent Jemmett
CBRE
Senior Director
Jaime Jones-Vantsa
CBRE
Investment Sales Manager
Corra John
CBRE
Associate Director
Chad Stark
CBRE
Associate Director
Shannon Warren
CBRE
Senior Graphic Designer
Synthia Taylor
CBRE
Client Services Specialist
Chris Manassero
CBRE
Associate
Dan McNulty
BlackBirch Capital
CEO
Marc Amico
BlackBirch Capital
Managing Director
Amanda Doster
BlackBirch Capital
Vice President
Emma Toppi
BlackBirch Capital
Associate
CBRE Healthcare
Global Workplace Solutions
Shannon Meyers
Healthcare Sector – President
CBRE Healthcare Advisory & Transaction Services
Bryan Johnson
Americas Healthcare Leader
CBRE Healthcare
Appraisal
Daniel Lincoln
Executive Vice President
CBRE Healthcare
Consulting
Stevie Bander
Managing Director
CBRE Healthcare Practice Advisory Group
ARIZONA
Phoenix:
Phil Wurth
CALIFORNIA
San Diego:
Lars Eisenhauer
Dan Henry
Orange County:
John Scruggs
Los Angeles:
Angie Weber
Dana Nialis
Todd Doney
Rocky Binswanger
David Freitag
San Jose:
Thor Wiles
Paul Lyles
Stockton:
Brian Peterson
COLORADO
Denver:
Dann Burke
Stephani Gaskins
Anna Heiserman
Ty Ritchie
Todd Papazian
FLORIDA
South Florida:
Carol Ellis-Cutler
Chris Dubberly
Deborah Fink
Tampa:
John Heald
GEORGIA
Adam Butler
Garrett Benefiel
HAWAII
Shawlea Aona
ILLINOIS
Gary Fazzio
Jon Springer
Andrew Kaplan
Tom Hollinden
NEW YORK
New York City:
Bill Hartman
NORTH CAROLINA
Raleigh:
Hastings Jones
OHIO
Columbus:
Molly Leach
Cleveland:
Daniel Mayer
OREGON
Brian Norton
Vickie Maletteri
PENNSYLVANIA
Philadelphia:
Jody King
Ina Sargen
Tom Stone
Harrisburg:
Jeremy Shyk
TENNESSEE
Chattanooga:
Natalie Hostetler
Nashville:
Alan Kirby
TEXAS
Houston:
Brandy Bellow Spinks
Scott Carter
Nelson Udstuen
Lane Kane
Angela Barber
Max Lozmack
San Antonio:
David Ballard
Scott Herbold
Dallas:
Jordan Buis
Conrad McEachern
VIRGINIA / D.C.
John DiCamillo
Jack Evans
WASHINGTON
Paul Carr
Marcus Yamamoto
Katie Smith
BEHAVIORAL HEALTHCARE
Stuart Thomas
Chessa Pike
Ken Brown
PRIVATE EQUITY – HEALTHCARE
Kevin McLennan
cbre.com/cm-healthcare
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