$16.3 billion in MOBs have traded over the past 12 months. That is the highest level of volume we have recorded since 2Q23. These sales comprised 47 million square feet in MOB buildings, equivalent to 2.9% of the US inventory. That’s right at the average for the past decade, typically a little under 3% of the MOB inventory switches hands over the course of a year.
To give a clearer picture, the chart below shows the breakout between portfolio and single property trades. The red portfolio bars are a lot jumpier, as a single large portfolio drastically alters the numbers. The jump in the last two quarters is driven by the Remedy/Welltower deal, but that is not the only reason volumes are up. The single property trend (gray) is very smooth and shows a clear picture of where activity levels are. $6.7 billion in single property trades have taken place over the past year and that number has been steadily marching up since the middle of 2024. Pre-pandemic single property trades consistently fell between 6.5B-7.5B and the sector has finally reentered that range.
