Late March through April saw the onset of the Covid-19 Pandemic which shutdown much of the US economy. The Physician Office and Medical Office Sectors, which had historically proved ultra-resilient to economic and other shocks was not immune to the pandemic related shutdowns.
The fallout from the COVID-19 pandemic has taken its toll on the country’s healthcare systems as well as the healthcare real estate (HRE) sector, even though the industry and property type continue to show resiliency.
Phoenix is an investor favorite for sure. While nationwide roughly 65% of medical office space is user owned, in Phoenix only 30% is user owned. A significant driver of this is how incredibly fast Phoenix is growing.
While the total MOB sales volume for Q2 has yet to be finalized, it is likely to show a significant decrease from previous quarters due to the effects of the COVID-19 pandemic.
One of the drivers of the slowdown in activity is the volume of mortgage financing. Revista tracks recorded mortgage financing for the almost 50,000 medical office buildings in its database.
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Many economic signals rebounded in May of 2020. The equities markets, housing markets and overall employment markets all showed sharp pullbacks in March and April only to rebound sharply in May. Among the measures is Ambulatory Services employment.
A weekly running sum of medical office volume through April 2020 reveals that volume is slowing but that overall, total volume is still running ahead of 2019.