2026医疗市场：强劲动力推动医疗地产增长

Strong TailwindsDriving Growth in Executive Summary historically stable cash flows, strong tenantretention, and alignment with broaderhealthcare utilization trends. Private equitygroups, institutional investors, and realestate operators are increasingly focused onClass A assets, on-campus or near-campus The healthcare industry is undergoing rapidchange, marked by significant shifts in caredelivery, technology adoption, workforcedynamics, and capital allocation. These By contrast, the medical office sectorremains a stabilizing asset class amidwidespread uncertainty in the overallcommercial real estate market. Steadyoutpatient migration, resilient demand,and the desire for modern, well-locatedclinical space are reinforcing strong leasingfundamentals. Vacancy rates in quality In 2026, multiple macro-level forces areexpected to shape healthcare and its realestate landscape. These include continuedgrowth in ambulatory and home-based care,advancements in AI-enabled clinical andoperational technology, evolving workforce Together, these trends suggest an industrythat is both evolving and resilient —characterized by continuous adaptation,heightened demand for outpatient facilities, Investment in medical office assets isevolving as capital markets adjust to higherinterest rates and shifting risk profiles. Key Trends in the Healthcare Industry The healthcare sector’s significant structuraland operational shifts are driven byevolving patient needs, regulatory changes,technological advancements, and financial deployment, and organizational strategiesto maintain stability and pursue sustainablegrowth. Six key trends outline some of the GROWTH IN OUTPATIENTAND AMBULATORY CARE CONSOLIDATION, M&A, ANDSTRATEGIC PARTNERSHIPS Technological advances and patient demandfor convenience are accelerating the movefrom inpatient to outpatient settings. As care Consolidation among providers, payers, andspecialty groups is reshaping market dynamicsand speeding up competitive shifts. Real estate RISE OF DIGITAL HEALTHAND AI ADOPTION FOCUS ON REAL ESTATEOPTIMIZATION AND PORTFOLIO AI-enabled diagnostics, virtual care, and remotemonitoring are significantly expanding acrossthe industry. Investors and health systems Health systems and investors are aligningreal estate footprints with outpatient growth,facility maintenance, and financial pressures. WORKFORCE SHORTAGES ANDOPERATIONAL PRESSURES RISING COST PRESSURES ANDCAPITAL CONSTRAINTS Severe clinical staffing shortages continueto strain operations and limit capacity.Organizations are investing in automation, Inflation, reimbursement challenges, and highercapital costs are significantly eroding operatingmargins. To manage financial risk, providers Medical Outpatient Leasing Fundamentals MOBs remain one of the most stablesegments in commercial real estate (CRE)due to consistent healthcare demand andthe continued shift toward outpatient care.Their performance is supported by long-termleases, needs-based patient utilization, andhigh tenant retention, all of which contribute favorable long-term demographic trends. Asa result, MOB vacancy has remained lowerand more stable than traditional office from Since 2018, the MOB vacancy in the Top 100markets edged up from 7.4% at the beginningof 2018 to a pandemic-era peak of 8.5% in1Q21, before easing to 7.5% by year-end2025. The Top 50 markets followed a similar Such limited availability challenges providersor systems that seek to upgrade or expandtheir space and puts further pressure onthem to consider alternatives such as making VACANCY RATE Steadily lowering vacancy rates reflect stronghealthcare demand, limited new supply, and SUPPLY & DEMAND In the Top 50 markets, new MOB deliveriespeaked just before and during the pandemic.Net absorption lagged behind supply in2019–2020 but flipped to positive thereafter:absorption has exceeded deliveries in four Similarly, in the Top 100 Markets, deliverieswere also heaviest in the pre- and earlypandemic years. Net absorption improved On a cumulative basis since the pandemic,demand has exceeded new supply by 4.7million SF, confirming that post-pandemic Demand Outpacing New Supply AVERAGE RENT the aging U.S. population is significantlyincreasing demand for healthcare servicesand outpatient facilities. By 2030, when thelast of the Baby Boomer generation reachesretirement age, the 65-plus populationwill swell to 70 million. This milestone willdrive substantial increases in outpatient Rents for medical outpatient space in thetop 50 U.S. markets have shown consistentand sustained growth since 2018. Theyhave climbed steadily, reaching $26.35/SFin 2025, a 17% increase over the eight-year to push rents higher. As a result, new, highquality MOBs are positioned to commandmeaningfully higher rental rates, widening Growth has also been robust in the top 100U.S. markets. Average rents were $21.86/SF in 2018, rising steadily to $25.79/SF in2025, approximately 18% growth. Several At the s