Healthcare Real Estate (HCRE) spending on construction has established a recent peak in 2023. Revista tracks Hospital and Medical Office (or Outpatient Medical) construction based on total project values including land, hard and soft costs and buildout. Such spending totaled $121 Billion (B) as of the 2nd quarter of 2023 and based on projects that were underway (or in progress). These numbers have climbed in recent quarters after hovering near $100B through early 2022. Spending is up while the number of properties under construction is generally lower and total square feet under construction is fairly steady compared to one year ago. This suggests cost inflation has played the major role in the HCRE spending increase.