Activity in the medical outpatient sector trended slightly upward in Q3 2025, supported by steady medical-service demand, aging-population tailwinds, and limited new supply.
Transaction volume reached $2.8B in Q3 2025, up from $1.9B in Q1 and $2.5B in Q2. On a year-over-year basis, Q3 volume increased 22%, signaling some acceleration in market activity. Relative pricing remained consistent, with average cap rates declining by approximately 2.5 basis points to just under 7.3%. Price per square foot also remained strong, with the median sales price per square foot rising to $334 in Q3 — an increase from $311 in Q1 and $333 in Q2, and the highest level observed in 2025 to date.
BGL’s Healthcare Real Estate Market Update highlights activity and industry trends in the medical outpatient real estate sector, particularly by featuring the most active players in Q3, and provides year-to-date transaction activity and in-place metrics by region. BGL remains committed to informing clients of the current state of the healthcare real estate market and is always available to discuss appropriate strategies and financial alternatives with its clients and prospects.
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