It's been a good growing time for medical outpatient buildings. "Demographic trends, technology and reimbursement changes are continuing the shift toward outpatient care, driving demand for outpatient medical buildings," a JLL report read. "Growing specialties are taking a more holistic view of lifelong health and wellness."

However, according to CBRE, investment in medical office buildings overall took a stumble in the first quarter of 2024. MOB investment fell by 21% quarter over quarter to $1.6 billion, which was down 7% year over year. That meant the MOB investment volume fell by 48% compared to the 2019-to-2023 period.

According to CBRE, high interest rates (along with accompanying high rate cap costs) and inflation (which hits taxes, insurance, and utilities) have limited medical office investment activity. Though, to be fair, investment volumes on most types of CRE properties have sharply fallen over the last two to three years.