Healthcare Capital Markets 2025 Outlook

All Property Pricing Improving MOB pricing shows positive momentum

Increased Clarity

• National all property pricing was down 0.5% YOY as of November 2024, a significant improvement from November 2023, when the index was down 7.4%. • On a price per square foot (psf) basis, MOB pricing rebounded in 2024, rising 4% YOY. Strong underlying fundamentals suggest pricing will stabilize further in 2025. • Going into 2025, increased deal activity will lead to clearer price discovery as the bid-ask spread tightens.

30%

30%

20%

20%

10%

10%

0%

0%

-10%

-10%

Change

-20%

-20%

-30%

-30%

Commercial Property Price Index* YOY

RevistaMed Price PSF TTM YOY Change

-40%

-40%

2017 2018 2019 2020 2021 2022 2023 2024

National All Property Apartment

Retail

Industrial

Office

MOB Price PSF (RHS)

Source: MSCI Real Capital Analytics, Cushman & Wakefield Research. Monthly CPPI data through November 2024 (updated January 2025). *The CPPI is a repeat sales index tracking same store property transactions.

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