Healthcare real estate capital markets activity has continued to build in recent years, with hospitals and medical office buildings accounting for a significant share of transactions. But as activity increases, investors are becoming more selective about where they deploy capital. Property type is only part of the equation, as asset quality, affiliation, location and other characteristics increasingly shape investor demand across the sector.

Highlights from the report:

• Medical office buildings and hospitals made up 73.2% of the invested capital from January 2023 to August 2026 in the top 100 markets.
• Pricing for assets built in 2010 or later is significantly higher than those properties built before 1990 while on-campus properties traded at a 78.0% premium compared to off-campus properties.
• Health systems and institutional investors are emerging as significant sources of acquisition capital while REITs have been more active on the disposition side.