Despite the challenges this year with COVID-19, medical office projects continue to break ground. Interestingly, the proportion of 3rd party developed projects starting is increasing as the year progresses.
Last year 77 medical office projects started that will be over 100,000 square feet when completed. That's quite an uptick over previous years when we averaged less than 50.
So much of the conversation in the industry right now is about placing medical services out into the community to be more convenient and cost effective for patients. But what is that community going to look like in 10 years? 20 years? Flexibility becomes the name of the game.
Medical Office (MOB) transaction volume has slowed during the past year. Within the top 50 metros Revista recorded $7.14B worth of MOB trades from 3Q18 to 2Q19
Medical Office Building (MOB) capitalization rates are trending up from their lows set in late 2017 and early 2018. The average cap rate for MOBs was 6.7% in the 1st quarter of 2019..
Following a record year for transactions when $16.6B worth of MOBs traded hands, overall volume is showing signs of moderating through the first 2 quarters of 2018.
North Shore LIJ Health System of Great Neck, NY teamed up with Waterstone Development Group to purchase 600 Community Drive in Manhasset, NY
The following are recent medical office buildings from Revista's northeast region that traded hands:
Lockwood Medical Offices
Real Estate Investment Trusts (REITS) accounted for 48% of the buying activity for medical office buildings (MOBs) in the 2nd quarter of 2014. REITs bought $454 million worth of MOBs in 2Q....
In inaugural market report, real estate data firm Revista says 66 healthcare construction projects totaling $7.9 billion and 8.9 million square feet are under way or in late planning in the region; other regional and national reports soon to come. Revista also announces the opening of registration for its first national event, scheduled for Nov. 19-20 in Chicago.