- Q4 2025 saw a notable surge in medical outpatient building (MOB) transaction activity, signaling renewed investor activity and a positive outlook for healthcare CRE in 2026.
- With 284 deals in Q4 2025, MOB transaction counts across the top 50 U.S. metros reached their highest level since Q3 2022 — up 78.6% year over year and 110.4% quarter over quarter.
- At the same time, cap rates in Q4 2025 fell to their lowest point since Q2 2023, declined 0.8% year over year, and dropped to 6.4% after spending all of 2024 above 7%.
- This inverse relationship between transactions and cap rates isn’t new; it was especially pronounced in Q3 2022, when cap rates hit their lowest and transactions reached their highest levels in the last decade. Increased deal activity often pushes values up, which then lowers cap rates.
Growing investor optimism fuels momentum as U.S. medical outpatient building deals rise
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Derek Jacobs
U.S. Healthcare Lead, Market Intelligence
Raleigh-Durham
Research, Market Intelligence
Contact -
