2024 Healthcare Marketplace
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Artificial Intelligence (AI) Potential: Although in its early stages, AI holds the potential to revolutionize the healthcare sector, driving efficiencies and enhancing profitability.
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Behavioral Health Wave: The demand for mental health services has surged, accompanied by increased funding for critically needed facilities.
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Consolidations, Mergers & Acquisitions: Shrinking profit margins will compel healthcare organizations to scrutinize their operations and pursue strategies to expand market share, increase revenue, and diversify risk.
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Inflation and Interest Rate Dynamics: As inflationary pressures subside, the anticipated decline in interest rates is expected to stimulate deal activity in 2024 and beyond.
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Patient Accessibility: Healthcare providers continue to face challenges in meeting the increasing demand for medical services.
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Political Promises: Healthcare policies will be a key focus as candidates articulate campaign promises, with issues like Medicare/Medicaid, health insurance premiums, women’s healthcare, and prescription drug pricing taking center stage in 2024.
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Vacancy: In 2023, the medical outpatient building (MOB) sector vacancy rate declined 63 basis points, to 7.0%. In a stark contrast, the broader office sector’s vacancy increased 120 basis points, to 16.9%, during the same period.
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Absorption: Demand for medical outpatient space remains strong, outpacing new supply. Net absorption was 16.5 million square feet in 2023, up from 15.8 million square feet in 2022.
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Rents: Average net asking rents in the medical outpatient building sector reached an unprecedented high of $24.37 per square foot in 2023, 2.3% higher, a notable milestone.
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Construction: The delivery of a cumulative 10.8 million square feet of MOB space last year was a modest increase from 10.3 million square feet in 2022.
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Sales: Total investment in MOBs reached $7.3 billion in 2023, 62% below the record-setting $19.1 billion in 2022. Sales pricing fell from an average of $329 per square foot in 2022 to $292 per square foot in 2023. Meanwhile, average cap rates increased by 80 basis points in 2023, to 6.8%.
The post 2024 Healthcare Marketplace appeared first on Coy Davidson – The Tenant Advisor.
Source: https://coydavidson.com/u-s-office-market-report-q4-2023-2/
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