Medical Office Enjoying Strong Lease-up, Heightened Investor Demand

Continued Strong Absorption of Medical Office Space and High-Dollar Acquisitions Spur Increased Spec Development

The growing shortage of medical office building properties has stimulated a wave of new development, with an estimated 12.2 million square feet of medical office space coming into service this year, 37% above 2015 deliveries.

Hospitals and health care systems remain the driving force behind new projects as the health care industry moves toward more team-based and efficient office layouts that are encouraging development of ambulatory surgery centers, urgent care clinics and large multitenant MOBs away from hospital campuses, often located in residential and shopping areas, according to Marcus & Millichap’s first-half 2016 medical office report.

Physicians Realty Trust (NYSE: DOC), a pure-play medical office REIT, earlier this month announced that it completed about $680 million in acquisitions in the second quarter, including most of its $725 million purchase of 52 MOBs from Englewood, CO-based Catholic Health Initiatives. The company expects to complete a total of $1 billion to $1.25 billion in acquisitions during 2016.

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