Vital Signs: 2025 Healthcare Update

Rent Growth Averaged 2% YOY Top 10 metros by inventory

MOB LEASING

• Triple net rents (NNN) averaged $25.25 per square foot (psf) across the top 50 metros, up 2% YOY. The vacancy rate averaged 7.5%, down 45 bps YOY. • Boston recorded the lowest vacancy rate among the top 10 metros, at 5.7% as of the third quarter of 2024, reflecting a compression of 87 bps YOY. Boston’s rent growth was stronger than the top 50 average, growing 3.2% YOY. With just over 240,000 sf of new inventory under construction, the Boston metro will face supply constraints in the near term. • Miami’s rent growth of 3.4% YOY was the strongest among the top 10 markets, with a low vacancy rate of

$42

12%

$36

10%

$30

8%

$24

6%

$18

4%

6.1%, down 36 bps YOY. Miami ranks second in construction activity, with 1.7 msf currently under construction.

$12 NNN Rent PSF

2%

$6

$27.73 $29.76 $27.06 $22.92 $25.25 $36.23 $23.17 $23.49 $26.66 $25.03 $23.35 0%

$0

NNN Rent

YOY Rent Growth (RHS)

Vacancy (RHS)

Source: Revista Med (based on Top 50 Markets, 7,500+ sf MOBs), Cushman & Wakefield Research

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