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| Alan L. Pontius |
CALABASAS, CA – Exclusive research by Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, reveals that ever-increasing operational costs and potential
physician shortages are forcing providers to identify and exploit opportunities
to create efficiencies and maximize revenues.
Many large practices and health systems have started to look
to real estate for assistance in meeting these objectives.
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| Bill Hughes |
“From an investment perspective, health system mergers and
acquisitions stand to elevate the overall credit characteristics of the
nation’s medical office sector, resulting in additional high-quality
acquisition opportunities, and potentially more favorable financing terms,”
says Alan L. Pontius, managing director of the firm’s National Office
and Industrial Properties Group (NOIPG).
“While a shrinking
tenant pool, along with ongoing pressure on reimbursements, may act as
headwinds to rent growth in coming years, the lower-risk profile associated
with hospital-grade tenants should counterbalance any impact on property prices
and cap rates.”
Pontius also believes that healthcare industry consolidation
and an approaching wave of physician retirements will contribute to further
divergence in property performance and values based on asset age, as large
providers overlook many aging properties due to their inflexible designs.
When it comes to financing, the medical office sector
continues to be a magnet for capital. “Financing remains abundant for
institutional-grade medical office buildings, such as performing on-campus
assets and select top-quality off-campus properties affiliated with high-credit
hospital systems,” says Bill Hughes, senior vice president and managing
director of Marcus & Millichap Capital Corp.
Hughes also notes that commercial mortgage-backed securities
(CMBS) originations in the medical office space increased 60% in 2012.
Marcus
& Millichap’s Research Department produces more than 800 reports annually,
and is considered a leading source for the latest, authoritative industry
information. A copy of the new 2013 Medical Office Research Report is attached.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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