"Doctors need a lot of attention" as tenants, said Follini, managing principal of Noyack, a locally-based healthcare real estate investment and operating company. "It's when they don't receive that attention that you start to have trouble." With that said, Follini extolled health care real estate as a largely recession-proof oasis of stability and steady growth in a challenging climate.

The growth in the healthcare sector, expected to continue for the foreseeable future as the global population ages, is certainly a major factor in the strength of this asset class. Employment in physicians' offices has grown 4.8% annually since 1972, compared to 1.8% annual growth in overall private employment, while the US population--ages 65 and over--is expected to more than double to 87 million by 2050.

However, Follini said much of the viability of medical-related real estate--which includes ambulatory surgery centers, specialty care facilities, medical malls, senior housing and parking facilities as well as medical office buildings--stems from the tenants themselves. They tend to renew leases at a higher rate than commercial tenants, he said, and as a result average estimated occupancy is expected to actually increase this year over 2007 and 2008 levels.