Investment in medical office buildings fell by 21% year over year in the first quarter of 2024, declining to $1.6 billion, according to a May 20 report from real estate investment firm CBRE.
Though investments were on the decline, prices for medical property space continued to increase, up $1 per square foot from the fourth quarter of 2023.
Rent for medical office space was also on the rise, up 0.5% quarter over quarter, and 1.3% year over year to $24.70 per square foot.
Across the 59 medical office markets monitored by CBRE, there is currently 11.2 million square feet of medical office inventory under construction.