The MOB Scene

Articles and blogs on medical real estate, as well as insights into Revista data

Rehabilitation hospital construction showing signs of rising in 2025

July 29, 2025 by Mike Hargrave

While outpatient construction has slowed down inpatient construction is holding steady to rising. As you may know, Revista tracks inpatient general acute care hospitals, behavioral health hospitals, and inpatient rehabilitation hospitals (IRFs). Within the IRF sector, Revista currently tracks over 500 rehabilitation hospitals in the US. The sector has seen tremendous growth since 2014 growing from 306 open IRFs to 510 open IRFs as of 6/30/2025. That’s growth of 67%!

Hospital Performance Impacts Outpatient Occupancy & Rent

July 29, 2025 by Hilda Martin

With the passing of the One Big Beautiful Bill, many hospitals across the country will be facing additional financial pressures in coming years. Millions of people are estimated to lose …

Medical Space in the Most Populous Metros

June 30, 2025 by Stephen Lindsey

Nearly 70% of the medical office space in the US is located within the top 100 metro areas. The New York metro area alone makes up close to 5% of the national total. Urban areas contain the bulk of the population and medical space, but . . .

Revista Releases the 2025 Top Owners of Medical Real Estate Report

June 24, 2025 by Mike Hargrave

Revista has updated and released to subscribers the 2025 Top Medical Real Estate Owners Report.
The 2025 Top Medical Real Estate Owners Report provides summary and detail analysis on the 50 US largest owners of medical real estate.

MOB Construction Update

May 29, 2025 by Stephen Lindsey

MOB construction has been slower than usual in 2025. Less projects are breaking ground than are completing, so the pipeline has been shrinking. In recent times, inventory has typically grown around 1.5% annually. Over the past year MOB inventory has grown . . .

The Return of the Portfolio Premium

May 27, 2025 by Mike Hargrave

The graph below displays Average MOB cap rate trends for Portfolios vs. Single Properties. From 2017 through 2022, the Average Cap Rate for MOB Portfolios was 63 basis points lower than single MOB properties that traded.

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 . . .

A Look at 1Q25’s highest occupied Medical Office Market

April 28, 2025 by Mike Hargrave

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.

Rising Rents for Newly Built MOBs

March 31, 2025 by Stephen Lindsey

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 . . .

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 . . .

MOB On Campus or Community Based? Opinions Differ by Owner Type.

February 28, 2025 by Hilda Martin

We often discuss the premium associated with MOBs located on hospital campuses compared to those situated off-campus. The difference in cap rate can be significant. However, when examining MOB inventory …

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 . . .

Occupancy in Outpatient Medical Rides High in “Tertiary” Real Estate Markets

December 20, 2024 by Mindy Berman

Long-time owners of healthcare properties have recognized this phenomenon for a while – tertiary markets offer high occupancy and high probability of renewal – contrary to conventional investment wisdom in . . .

Outpatient Real Estate Sector Riding a Wave of Strength!

December 10, 2024 by Mike Hargrave

he outpatient real estate sector is large and diverse. The terms Medical Office Building (MOB) or Medical Outpatient Building (also MOB) are often used to describe the main property types in the outpatient sector. In all, the MOB sector comprises over 1.6 billion square feet (SF) across . . .

Health System Transaction Activity: Monetization vs Buybacks

November 20, 2024 by Mindy Berman

Health systems have been buying back outpatient medical buildings from third party investors at a faster clip in the last two years than in the past. This phenomenon is somewhat counterintuitive given the increase in interest rates since 2022 and lower operating margins in healthcare . . .

Off Campus MOBs Catching up to On Campus MOBs in the Top 50 Metros

November 20, 2024 by Mike Hargrave

Did you know that Revista tracks both On and Off Campus medical office buildings (MOBs)? And starting in 2025 we will also track adjacent to campus MOBs. On and Off Campus MOBs have different operating characteristics particularly regarding ground leases and . . .

Private Investors Net Buyers, REITs Net Sellers in 2024!

November 16, 2024 by Mike Hargrave

Did you know Revista tracks transaction activity by investor type. Through the RevistaMed transactions database, subscribers can see in real time what types of transactions and what types of investors are active in the market. The database is updated daily and includes . . .

Revista 3Q24 Subscriber Webinar – Abridged Slides

October 29, 2024 by Stephen Lindsey

Last week, Revista held its subscriber webinar for 3Q24. For a limited time, an abridged version of the slide deck will be available as a free resource at the following link . . .