Despite mounting stay-at-home orders and market turbulence throughout the month of March, medical office building sales ended the quarter up from a year ago. Preliminary data show $2.4B changed hands up through March 31, up from S1.7B in the first quarter of 2019. Much of this quarter’s volume was made up of single property trades along with a portion of the Invesco/Welltower JV. Even during the COVID 19 crisis, deals continue to close. Pricing reflects a flight to safety, the median cap rate has dropped from 6.2% at the end of 2019 to 5.7% in 1Q20. Closings of late have been high quality, mission critical assets with solid tenants and long term leases showing at least a near term aversion to riskier assets. According to our recent survey, over 80% of investors believe cap rates will rise at least 25-100 bps over the next 12 months so stick with Revista to see how this evolves! Want access to data as it happens? Subscribe to Revista to search building sales as soon as Revista Research enters them in our Transaction Comps tool.