Figures | Medical Outpatient Buildings | Q4 2025
CBRE
Tight Supply Drives MOB Rents Higher
CBRE RESEARCH | FEBRUARY 2026
$6.1 B Investment Volume
7.1% Average Cap Rate
1.26 MSF 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
- Annual MOB investment volume increased by 35% year-over-year to $12.6 billion, the highest annual total since 2022.
- The average MOB sale price increased by $2 or 0.7% per sq. ft. quarter -over-quarter to $300.
- The average MOB cap rate rose by 9 basis points (bps) quarter-over-quarter and 7 bps year-over-year to 7%.
- Average asking rent hit a record-high $25.23 per sq. ft. in Q4, up by 0.6% quarter-over-quarter and 0.8% year-over-year, while the overall vacancy rate fell slightly quarter-over-quarter to 9.8%.
- The MOB sector had 1.26 million sq. ft. of positive net absorption in Q4, its third consecutive quarter of positive demand, as construction completions remained below the five- year average.
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
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