Full Year 2022 Highlights. ft. of medical office development currently in the construction pipeline throughout the United States. There are different space requirements for diagnostic imaging facilities, for example, where x-rays need to be conducted in lead-lined walls. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. It only took a global pandemic for people to reconsider. In addition, other financial metrics and calculations shown on the website (including amounts of principal and interest repaid) have not been independently verified or audited and may differ from the actual financial metrics and calculations for any investment, which are contained in the investors portfolios. At the InterFace Healthcare Real Estate (HRE) West conference in Los Angeles in February 2022, a panel discussion devoted to HRE investing was titled, Whos Buying, Whos Selling and Transaction [], Hospitals have taken a pounding but remain optimistic, InterFace panelists say By John B. Mugford For one prominent West Coast health system, the current economic climate and healthcare landscape are presenting a bit of a dichotomy. Some regions, like New York and Los Angeles, have higher asking rents but these areas also have lower vacancy rates. For example, unlike traditional office users, medical office tenants often need highly specialized tenant fit-outs before committing to a long-term lease agreement. Currently, telehealth appointments require offices or flex spaces with appropriate technologies for physicians to virtually meet with their patients. Ending mid-2020, statistics show a similar amount of new MOB space being delivered in these top 10 markets. If there is one thing we can take away from 2020, it is that healthcare must be delivered physically and virtually. US Office Market Statistics, Trends & Outlook. . They may need significant capital improvements to remain competitive in the marketplace. The rise of telehealth initially created some concern that physicians would exit the medical office space instead of greater telehealth accessibility, but that has not proven the case. Or to subscribe to the monthly HREI magazine for even more comprehensive news and analysis, please click here. Medical real estate has proven itself as a resilient, ever-growing asset class. Trends indicate that doctors and patients alike prefer a multi-sensory, face-to-face examination that simply cannot be achieved via video conferencing. Services are migrating away from the acute care centers to more convenient outpatient centers Pollock tells GlobeSt.com. An investors approachif they wish to be more actively involved or instead be a passive investorwill also steer them to specific properties over others. They can be successfully located in urban, suburban, and rural locations and may or may not be affiliated with a hospital. Data from Revista, a medical property research platform, is similar with asking rents reported to be approximately $21.40 per square foot (NNN) for the properties in its database. Though inflation eased in late 2022, it was still running at more than 7%. Please review its terms, privacy and security policies to see how they apply to you. Sign up for the WM Morning Memo newsletter. She has experience in residential real estate in both New York City and Boston. The healthcare sector is one of the labor markets most stable industries. The Medical Office Sector Continues to Hold Steady Jun. But other advancements may begin to require new types of healthcare commercial real estate (CRE) spaces. These recapitalizations are often the start, or the seeding, of new [], Posted in Companies & People, Transactions, Headwinds are likely to slow activity, but the need for projects will remain strong By John B. Mugford With so many economic headwinds facing almost all business sectors, even the recession-resistant healthcare real estate (HRE) sector, why is a group of development professionals involved in the HRE space remaining so optimistic? This shows that despite economic swings, medical office rents are reliable. Real estate and other alternative investments should only be part of your overall investment portfolio. The 2022 Medical Office Fundamentals Outlook explores and illustrates timely real estate-related topics for medical office buildings, including rental rates, development trends, preferred product type, COVID-19 impacts, and pricing parameters. Medical office properties are expected to see a strong rebound in demand this year once the COVID-19 virus recedes. Related: What do you Mean by the Economy? According to a recent CBRE analysis, although healthcare employment experienced a pandemic-induced dropoff in 2020, the decline (6.4% year-over-year) was much lower than employment losses for the broader economy (11.2%). portfolio, Feature Story: HRE developers see plenty of opportunities in 2023, Feature Story: The top 10 healthcare real estate stories of 2022, Feature Story: Outpatient is the place to be as demand rises, Feature Story: Expert advice Be patient and proactive, Feature Story: The economy is taking its toll on HRE, for now, Feature Story: Behavioral health takes center stage, Feature Story: Lending lull in the HRE sector, News Release: Newmark Facilitates $72.7 Million Sale of Medical Office Building Portfolio, News Release: Grand Opening Planned For Highland Bridge Medical Office, News Release: Just Closed Union Park (Atlanta), News Release: Caddis Construction Groundbreaking Ceremony For New Class A Medical Office Building In Frisco, Texas, News Release: Medical Properties Trust, Inc. Reports Fourth Quarter and Full-year Results, News Release: Pantheon Expands Real Estate Strategy With Investment in Healthcare Platform; Adds Senior Hire to Real Estate Team, News Release: CBRE Group, Inc. Reports Financial Results for Q4 and Full Year 2022, News Release: Broadstone Net Lease Announces Fourth Quarter and Full Year 2022 Results, News Release: Newmark announces the successful closing of a $50.4 million financing secured for a national medical office building portfolio, News Release: Physicians Realty Trust Supplemental Q4 2022 financial report, News Release: Physicians Realty Trust Reports Fourth Quarter 2022 Financial Results, News Release: Sabra Reports Fourth Quarter 2022 Results, News Release: TCC and Beacon Capital Partners Begin Vertical Construction on Hyde Park Labs in Chicago, News Release: NNN Pro Group Leads the Way in 2022 with Record Setting $5.6 Billion in Net Lease Investment Sales, News Release: RX Health & Science Trust Enters Atlanta Market thru Acquisition of Union Park, News Release: Class A medical office building near Denver sells for $5.65M, News Release: Alexandria Real Estate Equities, Inc. Reports: 4Q22 and 2022 Net Income per Share Diluted of $0.31 and $3.18, respectively; and 4Q22 and 2022 FFO per Share Diluted, As Adjusted, of $2.14 and $8.42, respectively, News Release: Goldman Sachs Asset Management and Lane Partners Announce Recapitalization of Southline Phase I with Beacon Capital Partners, News Release: LTC Invests $51 million for Refinance of Seniors Housing Campus in Upscale Atlanta Area, News Release: First Citizens Bank Provides $50.3 Million Financing for Recapitalization of Medical Office Building Portfolio, News Release: A Joint Venture Between Onyx Equities And Machine Investment Group Acquires Two Million Sf Biologics Research And Development Campus In Kenilworth, N.J., From Merck Sharp & Dohme LLC With Plans To Continue Sites Current Use, News Release: Outpatient healthcare services and facilities set for enormous growth, Thought Leaders: JLL Healthcare Perspectives Capital Markets, Life Sciences: U.S. Life Sciences Real Estate Market Shifted in Q3 from White-Hot to Red Hot. The transaction values the portfolio at $1.78 billion and is expected to generate $1.3 billion in proceeds for Medical Properties Trust. Investors, particularly institutional investors, are taking note. The combination will be the fourth largest commercial mortgage REIT, the companies claim. Our team of experienced CRE professionals have the skills and insight to assist with all property transactions. Beth is Senior Vice President of Colliers International in Houston, Texas. Another prominent trend is the conversion of vacant retail stores into medical office properties. She specializes in the marketing and sale of hospitals, surgical centers and healthcare properties including office, retail, industrial buildings and land. In Boston, a market known as one of the strongest in the life sciences segment, laboratory vacancy rates are about 1.7%. to register for our FREE healthcare real estate and/or life sciences real estate e-newsletters. MOBs are dark blue and office buildings are light blue in the graph provided by Real Capital Analytics below. Investments in private placements are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Newmark [], Posted in Breaking News, Companies & People, Transactions, The healthcare facility is the third property at Highland Bridge to open SAINT PAUL, Minn. (Feb. 28, 2023) A ribbon cutting March 7 will officially mark the grand opening of Highland Bridge Medical Office. Medical office buildings are traditional real estate buildings explicitly used for medical practices. One major factor is an aging population; with more people living longer, there is an increasing need for healthcare providers and services. Medical professionals seeking assistance in buying, selling, or leasing healthcare real estate can trust our team to serve them to the best of our ability. Our focus on this niche sector allows us to gain the unique skills necessary to serve this specialized market segment. A panel of industry experts that [], Economist John Chang, GlobeSt panelists still tout the sector over the long haul By John B. Mugford Its been a hell of a year, right? In making this statement, John Chang, senior VP and national director of research and advisory services with Calabasas, Calif.-based Marcus & Millichap Inc. (NYSE: MMI), was not only saying that [], Demand is strong for services and facilities, but roadblocks are holding up development, according to panel at InterFace Healthcare conference By John B. Mugford NASHVILLE, Tenn. As the country has dealt with the COVID-19 pandemic in recent years, behavioral health has become a national concern as more and more people struggle with a variety [], Posted in Behavioral Health, Feature Story, HREI editorial board members discuss the current difficulties associated with debt By John B. Mugford Spooked by economic uncertainty, most major publicly traded healthcare real estate (HRE) lenders have put their pencils down for the rest of 2022, making it difficult for developers and investors to obtain debt. Vacancy decreased 150 bps year-over-year ending the third quarter at 11.4 percent with positive net absorption ending at 124,331 square feet. Trends over several years show the medical office building (MOB) market appears to have survived 2020 pretty well, and these statistics are evidence of that sectors strength, particularly compared to the office market. Updated infrastructure: An initiative to create and update infrastructure could enhance roads and bridges, which would help shorten commutes, enable quicker e-commerce last-mile deliveries and improve the economy. There are many things to consider before investing in a medical office building. In other words, they have the money to elevate and stabilize these otherwise outdated properties to help bring them up to a different marketable standard. During this same time, conventional office was down 40.2%, multifamily investment volume dropped 27.6%, retail declined 42.8% and industrial investment slipped by 15.9%. One well-known trend that was already underway long before the pandemic is the rising proportion of patient care delivered in outpatient facilities. Asking rents have remained relatively steady over the past six to eight years, never fluctuating by more than +/- $4 per square foot on average. Rents remained in this range even during the Great Recession (compared to traditional office rents which decreased by nearly 15% during the 2008-2010 recession). In other words, medical office rents do not experience the same peaks and valleys that other asset class rents are prone to. And as investor appetite has grown, medical office buildings have emerged as the most popular property type within the niche. Nevertheless, the industry is experiencing unprecedented change across the continuum of managing, leasing and developing healthcare facilities, requiring innovative strategies to confront economic shifts, capital constraints and the transformation of healthcare delivery. In 2022, we can continue to expect technology to be at the forefront of healthcare delivery. Yes, vacancy is ticking up, but the worst the MOB market ever got (in 2009) was about 10.4% vacancy, so its holding up fairly well. Abby is responsible for the development of prospective investor relationships, communication and being investors first point of contact at EquityMultiple. Class A medical office buildings tend to be newer with modern-day layouts, systems, and amenities. Therefore, MOB developers tend to be highly disciplined and do not build on spec; instead, they work to create an ecosystem of healthcare tenants that compliment one another (e.g., dentists, physicians, physical therapists and other specialty care providers). Finally, 2021 has arrived! Registered in England and Wales. However, increasingly, there is demand for medical offices located in more suburban and rural areas as patients seek care closer to home. There is currently an excellent market for veterinary real estate, and DVMs are finding it lucrative to sell their properties while remaining in the facility and continuing their practice. Additionally, investors may receive illiquid and/or restricted securities that may be subject to holding period requirements and/or liquidity concerns. UNLMTD Real Estate Group. Developers are quickly converting some existing office spaces, but not every building is a good fit to include laboratory space. As yields for traditional real estate asset classes compress, we expect to see more investors institutional and retail investors alike pour capital into the medical office sector in search of higher yield and a relatively safe investment alternative. Of course, how (and how much) an investor wants to invest will undoubtedly guide their decision on which medical office building is best. Therefore, their willingness to pay a premium for MOB facilities is ultimately grounded in whether they can still generate a sufficient return on their revenue. Thats how you know you can trust our firm to see your investments through. There is more than 50 million sq. This will provide insight into the types of physicians looking to lease MOB space in that vicinity and the kind of healthcare practice that will dictate how much space those physicians need. Public-private partnerships also play a critical role in growing the number of affordable and workforce housing units, as does increasing housing density. However, we should note that labor, inflation, and rising interest rates may present a few challenges. Since 1995, Alliance Consolidated Group has acquired and invested in medical properties with net leases between $3 and $25 million across the United States. As of February . According to one source, telehealth usage is 38 times higher than before the pandemic. Payment processing is provided by Dwolla, Inc. Investment advisory services are provided by EM Advisor, LLC, an investment advisor registered with the Securities and Exchange Commission. Please note that 214 respondents completed the H1 2022 Cap Rate Survey with their real time market estimates between mid-May and early June 2022. "Multifamily vacancies hit 4.7% in the third quarter of 2021, reverting back to levels seen at the end of 2019," said Victor Calanog, Head of CRE Economics for Moody's Analytics. The sectors resiliency, as well as strong underlying fundamentals, has increased investor appetite for healthcare-related real estate. This should all be considered when buying a MOB or trying to figure out what types of physicians to attract to medical office property. Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. Medical office buildings (MOB) can be lucrative investments for real estate investors. Total expenses for the fourth . In 2022, we can continue to expect technology to be at the forefront of healthcare delivery. As such, demand for physical medical office space is expected to remain high in the year to come, especially as the Baby Boomer generation ages and seeks out increasingly specialized health care services. The fourth quarter brought some relief from mounting macroeconomic challenges as inflationary pressures wane, but office tenants remain cautious as they adjust to rising costs of capital and falling valuations. Commercial, Residential, Industrial, Retail, Office. A medical office is a great option for risk-averse investors, given the industry's strong underlying fundamentals. The sheer variety of medical office properties is what makes the space so compelling from an investment standpoint. They can feature extensive amenities and full tenant fit-outs, or they might be simple properties geared toward single tenants, like a primary care physician or dental office. Banking services are provided by Blue Ridge Bank, Member FDIC. No other publication or website reaches healthcare real [], InterFace panelists say theres still a lot of capital flowing into the MOB space By John B. Mugford What a difference a year can make. Facebook Linkedin Twitter Youtube Instagram TikTok. Class A medical office buildings tend to be newer with modern-day layouts, systems, and amenities. Asking rates ended at $23.69 per square foot, moving up 3.7 percent compared to the same time last year. Oct 2022 - Present5 months. So whats a LSRE professional to do? Employment has been increasing since mid-2020 and by Q4 2020, was down only 1.5% year-over-year compared to 6.0% for the labor market as a whole. All research and other information provided on this website has been prepared for informational purposes only and EquityMultiple assumes no liability or responsibility for any errors or omissions in the content of this website or any linked website. FOURTH QUARTER 2022 RESULTS AND RECENT EVENTS Results per diluted common share for the fourth quarter of 2022 were as follows: Net Loss: $(0.37) FFO: $0.25 Normalized FFO: $0.37 [], Chicago, IL | February 21, 2023 300K-SF Life Sciences Building will Promote Science and Technology Hub Near University of Chicago Campus; UChicago to Lease 55,000 Square Feet Trammell Crow Company (TCC), a global commercial real estate developer, and Beacon Capital Partners (Beacon), a leading real estate developer, owner, and manager of life science and office [], NEW YORK(BUSINESS WIRE)NNN Pro Group, the market leading investment sales firm in the country announced that it closed a record breaking $5.6 billion across over 1,200 total net lease transactions nationwide in 2022, up over 30% since the year prior. Net income attributable to common stockholders was $13.3 million, or $0.20 per diluted share, as compared to $11.8 million, or $0.19 per diluted share, in the comparable . The longtime, well-known HRE facility broker who is now the CEO of Denver-based Prescriptive Capital, [], Despite the macro headlines, the REITs execs say this is the Golden Age of Biology By Murray W. Wolf Despite the macro headlines, we remain optimistic and excited for our business as we are in the early innings of the Golden Age of Biology. That was just one of the bullish comments shared Tuesday (Jan. [], Despite challenges, HRE fundamentals remain strong, Revista says By John B. Mugford Perhaps James A. Schmid III, chief investment officer and managing partner with Media, Pa.-based Anchor Health Properties, summed up how many successful healthcare real estate (HRE) investment and development firms are going about their business at a time when costs and interest rates [], In a Q&A, CEO Chip Conk talks about the investment firms thoughts on the market By John B. Mugford Despite a current slowdown in medical office building (MOB) sales due in part to rising interest rates and subsequent increases in the cost of debt, as well as other factors one of the sectors [], 10th annual awards recognize excellence in HRE development and executive leadership MINNEAPOLIS, Jan. 18, 2023HREIis pleased to announce the finalists of the 2022 HREI Insights Awards, the first and only national awards dedicated to recognizing excellence in the areas of healthcare real estate (HRE) development and executive leadership. Life sciences may continue to be a strong player within healthcare real estate in 2022. In the third quarter, CoStar (a commercial real estate database) MOB rates averaged a slight decline with average asking net rates of $22.30 per square foot (PSF). Click the links below for secure access to your accounts: We examine industry trends, opportunities and challenges as commercial real estate owners and investors head into the new year. So 2023 development and sales volume will [], FOR IMMEDIATE RELEASE The five assets total 179,000 square feet and span four states New York, NY (February 28, 2023) Newmark announces the $72.7 million sale of a fivebuilding, Class A medical office building portfolio. Although there were some surprises and overly negative forecasts surrounding retail and office commercial real estate markets, industrial continues to perform well. Moving forward, its not unthinkable to have medical providers give patients pagers like they would get at a restaurant, which would allow patients to go run errands or do other shopping on-site while remaining close by. MOB facilities may also co-locate alongside retail, pharmacies, or other neighborhood amenities, providing easy access for individuals looking to simplify their errands, appointments, and different daily needs. Click on title to download: Q3 2022 U.S . Nothing on this website is intended as an offer to extend credit, an offer to purchase or sell securities or a solicitation of any securities transaction. Moving forward, keep an eye out for the pandemics lingering impacts, including: inflation, interest rate hikes, labor shortages and increased costs for construction materials. Economic growth and a healthy labor market are key drivers for a sustainable medical office market. Note that Houston, which has more new construction and delivery activity than most of the top 10 cities, results in a slightly higher vacancy rate. Weve seen these trends expand over the last couple of years. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. The transition to outpatient facilities has been an ongoing trend over the last decade, and it accelerated during the pandemic. Medical Office Building Real Estate in Focus. 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medical office real estate trends 2022