The more specific they get, the harder it is to formulate accurate predictions. So, Colliers National Director of Healthcare, U.S. Shawn Janus looked at the broad and complex issue of cost of debt in healthcare CRE during a conversation with GlobeSt.com.

Cost of debt is critical for all of commercial real estate. "There's been such a rapid rise of what the Fed's been doing, which impacts everything across the healthcare market," Janus says. Hospitals, as one example, frequently issue bonds. They're getting into a "three-year-cycle squeeze with payers," where they might not be able to free up enough free cash flow to easily manage the requirements.

The debt problem isn't just an issue of the Federal Reserve's rate hikes — which, the Fed has been trying to remind markets, may not be over yet depending on signals from economic data. There have been periods where healthcare and other CRE segments have been able to manage much higher interest rates.