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MOB Capital Markets 2026 Mid-Year Update

Momentum builds as pricing firms and capital keeps flowing to healthcare real estate

The medical outpatient building (MOB) sector entered 2026 with growing momentum as improving capital market conditions, expanding lender appetite, and resilient operating fundamentals supported increased investment activity.

While inflation, interest rate uncertainty, and healthcare policy changes continue to shape the investment landscape, capital has increasingly flowed toward healthcare real estate given its stable cash flows, demographic tailwinds, and consistent long-term performance.

These factors drove stronger transaction volume, firmer pricing, increased lending activity, and continued investor demand in the first half of 2026, positioning the sector for sustained capital markets activity through the remainder of the year.

2026 MID-YEAR UPDATE

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MOB investment volume reached $6.7 billion in the first half of 2026, up 21% year-over-year (YOY), led by a surge in portfolio sales that more than doubled from a year ago. Single-asset sales rose 42% to $3.4 billion.

MOB cap rates compressed 35 bps YOY to 6.8% in the first half of 2026, though compression has slowed as pricing remains above long-term averages.

MOB 1-year total returns climbed to 6% in Q2 2026, the highest since 2022, as appreciation turned positive for a third straight quarter.

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