Medical Outpatient Building (MOB) capital markets gained momentum in late 2025 as lower interest rates, improved sentiment, and rising transaction volume signaled a clear recovery heading into 2026. Portfolio activity—particularly major trades like Welltower’s large disposition—helped drive record-setting fourth‑quarter volume, while pricing, cap rates, and refinancing conditions all continued to strengthen. With ample dry powder, stabilizing valuations, and robust fundamentals, MOB investors are positioned for an active and opportunity-rich 2026.
MOB Capital Markets 2026 outlook
Lower Rates and Strong Fundamentals Fuel Market Momentum
Medical Outpatient Buildings (MOB) investment volume totaled over $14 billion, up 34% year-over-year (YOY)
After a slow start in 2025, portfolio activity accelerated as sellers and buyers closed on portfolio deals totaling nearly $7 billion dollars.
MOB total returns have remained positive over the past decade and continue to outperform. Over a ten‑year horizon, MOB returns of 6% exceed the total NCREIF index at 4.9% and are comparable to the NAREIT equity index (not shown) at 5.7%.
Dive into the full report to explore the trends shaping MOB investment this year.
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Healthcare Capital Markets Team
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