- Robust sales activity and strong institutional demand for healthcare real estate remain concentrated in a handful of core markets, including New York City (~$675M, 39 deals), Atlanta (~$615M, 36 deals), and Dallas (~$563M, 47 deals). These metros lead in both dollar volume and deal count, underscoring their deep liquidity and appeal among institutional investors.
- Secondary high-velocity markets like Miami (37 deals), Phoenix (33 deals), and Chicago (29 deals) also demonstrate strong transaction depth driven by population growth, health-system expansion, and rising outpatient demand.
- Elevated deal volume in these core and secondary markets promotes greater pricing clarity and stability, as frequent transactions create more consistent valuation benchmarks. Thinner markets like San Jose, with just three deals despite ~$353M in volume, tend to see more episodic pricing.
- Investment strategies focused on markets with sustained transaction velocity and deep buyer pools, particularly across Sunbelt and gateway metros, may outperform more diffuse approaches. These markets are positioned to maintain liquidity supported by demographic growth, increasing provider competition, and continued capital rotation into healthcare assets.
Liquidity and deal flow anchor U.S. healthcare investment in core and high-growth markets
