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Home / Stephen Lindsey

Stephen Lindsey

2023 Outpatient Development Report Recap

May 25, 2023 by Stephen Lindsey

When looking at all outpatient projects, Hammes developed the most with a count of 12, for a total of 769,658 sf.

Read more2023 Outpatient Development Report Recap

2022 Top Outpatient Developers – Developer Owned Projects

April 19, 2023 by Stephen Lindsey

Overall, Revista tracked 44.9 million square feet of outpatient developments in 2022, with 18.8 million (42%) being done by third-party developers

Read more2022 Top Outpatient Developers – Developer Owned Projects

2024 Outpatient Development Report

March 28, 2024 by Stephen Lindsey

In partnership with Health Care Real Estate Insights (HREI), Revista has published their annual outpatient development report. The 2024 report covers all medical outpatient real estate developments that either broke ground or completed in the previous year . . .

Read more2024 Outpatient Development Report

2Q2024 Snapshot

July 30, 2024 by Stephen Lindsey

What direction has the MOB market been going in 2024? In this article we are focusing on the Top 100 metro areas. The table below shows a snapshot of the changes observed for key metrics in the second quarter of this year. Inventory continued . . .

Read more2Q2024 Snapshot

Alternative Asset Sales Activity

February 23, 2023 by Stephen Lindsey

What level of sales activity are we seeing around alternative types of medical real estate?

Read moreAlternative Asset Sales Activity

Are MOB Sales Taking Place in the Current Environment?

October 24, 2023 by Stephen Lindsey

The year of 2023 has brought significant drops in sales activity across the commercial real estate sector. The higher cost of capital is driving investors into cautiousness and the healthcare real estate market is not immune …

Read moreAre MOB Sales Taking Place in the Current Environment?

Cap Rates by Property Price

February 28, 2025 by Stephen Lindsey

Typically, the transaction stats we look at are only for MOB trades that are at least $2.5 million. However, we do have data on a solid portion of the smaller deals. In the chart below we compare cap rates based on the property price, including those under $2.5M . . .

Read moreCap Rates by Property Price

Cap Rates Move Up Again in 4Q2023

February 23, 2024 by Stephen Lindsey

The average cap rate for medical office building (MOB) transactions moved up to 7% in the last quarter of 2023. This is up 90 basis points from one year prior. A pricing gap between on and off campus MOBs remains, with on campus coming in 30 basis points lower at 6.7%. Despite the strong underlying fundamentals, investor demand is being limited by stringent capital conditions . . .

Read moreCap Rates Move Up Again in 4Q2023

Construction is Strong for Behavioral Health and Rehab Hospitals

April 30, 2024 by Stephen Lindsey

Recently, the number of new construction projects has been low for the medical real estate industry. However, certain property types have been going against the current and have seen higher activity than usual. Two that stand out are . . .

Read moreConstruction is Strong for Behavioral Health and Rehab Hospitals

Construction Slows in 1Q23

March 30, 2023 by Stephen Lindsey

With 23.4M for MOBs and 27.7M for hospitals, both are falling off the highs seen in 2022.

Read moreConstruction Slows in 1Q23

Construction Starts have Remained Strong in Select Markets

November 29, 2022 by Stephen Lindsey

If we look at construction starts over the past year, we can see that a handful of markets have remained very strong despite increasing market headwinds. At a national level, annualized construction starts have been stable throughout 2022, hovering around 26 million square feet.

Read moreConstruction Starts have Remained Strong in Select Markets

Has Construction been Concentrated in Larger or Smaller Markets?

January 30, 2024 by Stephen Lindsey

2023 was a slow year for medical office developments, with around 12 million square feet of projects that broke ground. This is about 45% lower than the average over the past decade. However, 12 million square feet is still a substantial increase in supply, and it is interesting to observe how different markets are reacting. In the graph below

Read moreHas Construction been Concentrated in Larger or Smaller Markets?

Inpatient Facility Construction Showed Strength in 2024

January 30, 2025 by Stephen Lindsey

The amount of new MOB construction has fallen since the peak in 2022, and the back end of 2024 was no exception. With right around 14 million sf breaking ground in 2024, the blue bar chart clearly shows 2024 had less than . . .

Read moreInpatient Facility Construction Showed Strength in 2024

Limited Transaction Volume to Start 2025

April 29, 2025 by Stephen Lindsey

The preliminary 1Q25 numbers are in, and they show that transaction volume has been slow to kick off the year. $1.5 billion worth of MOBs traded in the 1st quarter, and $8.9 billion traded over the past year. This suppressed level of activity is . . .

Read moreLimited Transaction Volume to Start 2025

Medical Office Building: Is “Office” the right term?

September 27, 2024 by Stephen Lindsey

Recently there has been discussion about changing the term “Medical Office Building” (MOB) to an alternative that does not include the word office. In order to gauge our industry’s thoughts, Revista’s Rising Leaders Council (RLC) worked on a survey that went out last month, which had the following results:

Read moreMedical Office Building: Is “Office” the right term?

Medical Office Inventory Growing at a Slower Rate

May 29, 2024 by Stephen Lindsey

Over the past year or two, new construction projects have faced the headwinds of elevated labor, material, and financing costs. Because of this, we are now seeing inventory growth running at a slower pace. The graph below shows the amount of MOB square footage that finished construction on an annual basis, as a percentage of the inventory. The average over the past 10 years is about . . .

Read moreMedical Office Inventory Growing at a Slower Rate

MOB Cap Rates Continue to Expand in 2Q23

July 27, 2023 by Stephen Lindsey

Within the past year, the average cap rate for a medical office building was 6.5. This is up about 60 basis points from one year ago.

Read moreMOB Cap Rates Continue to Expand in 2Q23

MOB Construction Continues to Drop in 2Q23

June 22, 2023 by Stephen Lindsey

Recently we’ve been observing a downward trend, which has been reinforced by the current quarter. On a quarterly basis, 2Q23 only had around 2 million square feet start construction.

Read moreMOB Construction Continues to Drop in 2Q23

MOB Construction Outlook

June 23, 2022 by Stephen Lindsey

With the cost of construction materials continuing to rise, and interest rate hikes on the horizon, how will new MOB developments be affected?

Read moreMOB Construction Outlook

MOB Construction Projects, Are All Types being Affected Uniformly?

August 29, 2023 by Stephen Lindsey

If you have been staying up to date with Revista’s most recent construction data, you know that over the past few quarters, construction has been down across the board. However, the magnitude of the depression may depend on the characteristics of the project.

Read moreMOB Construction Projects, Are All Types being Affected Uniformly?

MOB Fundamentals Have Remained Strong in 3Q22

October 31, 2022 by Stephen Lindsey

An inversion of the yield curve is a well-known indicator of a coming economic downturn. Using the difference between the 10-year and 2-year treasury spread, we can see that the …

Read moreMOB Fundamentals Have Remained Strong in 3Q22

MOB Fundamentals Remain Steady

November 30, 2023 by Stephen Lindsey

Development and acquisition activity is currently suppressed in the medical office sector. However, this does not reflect a wavering in the underlying performance of medical assets. The graph below is from our 3Q23 Industry Fundamentals Report, which tracks a group of large medical office portfolios containing approximately 150 million square feet. It shows the average NOI per occupied square foot, which has continued to tick up, now at a level of $23.20.

Read moreMOB Fundamentals Remain Steady

MOB Occupancy Trends Across the Country

August 31, 2022 by Stephen Lindsey

If we take a look at the overall occupancy trends for the top 50 metros, we can see that a shallow U-shape has formed over the past few years. While this pattern shows a modest dip followed by a recovery, this may not be the story for individual metros.

Read moreMOB Occupancy Trends Across the Country

MOB Rents by Region

August 26, 2024 by Stephen Lindsey

Which regions have the highest rents? According to the following graph, which covers the largest metro areas across the U.S., the Pacific region is the outlier. In 2Q24, the Pacific had asking rents 29% higher . . .

Read moreMOB Rents by Region
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  • Limited Transaction Volume to Start 2025 April 29, 2025
    The preliminary 1Q25 numbers are in, and they show that transaction volume has been slow to kick off the year. $1.5 billion worth of MOBs traded in the 1st quarter, and $8.9 billion traded over the past year. This suppressed level of activity is . . . The post Limited Transaction Volume to Start 2025 […]
    Stephen Lindsey
  • A Look at 1Q25’s highest occupied Medical Office Market April 28, 2025
    That’s right!  With a 1Q25 occupancy of 96.9%, Asheville NC is the highest occupied market of the largest 125 metros RevistaMed tracks each quarter.  Asheville, which is still recovering from the effects of Hurricane Helene in September of 2024, can find strength within its healthcare market and within the MOB sector. The post A Look […]
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  • Rising Rents for Newly Built MOBs March 31, 2025
    How have rising construction costs affected rents? Revista’s construction data continues to show increases in the cost of building an MOB. The average cost per square foot came in at $549 for completed MOBs in 2024. That is a . . . The post Rising Rents for Newly Built MOBs appeared first on RevistaMed.
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  • Cap Rates by Property Price February 28, 2025
    Typically, the transaction stats we look at are only for MOB trades that are at least $2.5 million. However, we do have data on a solid portion of the smaller deals. In the chart below we compare cap rates based on the property price, including those under $2.5M . . . The post Cap Rates […]
    Stephen Lindsey

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