跌破10%，医疗办公市场持续紧缩。
请特别注意，Marcus & Millichap Research的报告还
显示，全国范围内建筑年龄20年及以下的A类和B类医
疗办公楼的空闲率仅为4%。供应与需求不同的增长趋
势在当前市场下将不会有所减弱，且会对中到长期市
场基础产生影响。
极具吸引力的投资属性
最为一个新兴市场，医疗房地产的风险回报情况和
长期的积极前景已经吸引了机构投资者和零售投资
者。Costar报告显示，过去几年中资本骤增，资本化回
报率在五年内下降了130BSP，目前在6.0和6.5之间浮
动。作为一个相对新型的投资人群体，私募股权公司一
年动用50亿美元用于购置，实现了五倍增长。他们还倾
向于延长持有期，超过惯例的七年。作为一个新型资产
类别，医疗房地产对投资者的吸引力体现在其以下几个
属性上：是一种抗萧条的资产类别，具有极强的承租人
保留能力，提供稳定的现金流，能够强化承租人信用增
级，受到活跃的市场交易的支持。
医疗办公楼是医疗房地产领域最为典型的防御性市
场，具有净租赁周期长、健全的年租金增长和稳健的风
险回报形势等特点。总体而言，承租人和投资人对医疗
办公楼的需求在2017年预计都会保持稳固态势。
Millichap Research. The medical office market continued
to tighten through mid-2016, when the vacancy rate
dipped below 10 percent for the first time since the start
of the recession. It is important to note that the Class
A and B MOBs, of age 20 years or less, have a vacancy
rate of only 4 percent nationwide, according to Marcus
& Millichap Research.
The divergent growth trend of supply and demand will
remain unabated in the current market and exert impact
on the mid-to-long term market fundamentals.
ATTRACTIVE INVESTMENT ATTRIBUTES
As an emerging sector, the risk-return profile and long
term healthy prospects of medical real estate have drawn
both institutional and retail investors. Capital has surged in
over the last several years, driving down cap rates by 130
BSP in 5 years with current cap rates hovering between
6.0 and 6.5, according to Costar. Private equity firms as
a relatively new investor group have been running at $5
billion a year in acquisitions, a five-fold increase. They also
tend to extend the holding period beyond the customary
seven years.
Being a new asset class, MOB attracts investors for its
following attributes including: being a recession resistant
asset class, having strong tenant retention, providing
stable cash flow, reinforcing tenant credit enhancement
and backed by active market transaction. Medical office
buildings are the most defensive sector of healthcare
2007-2016
医疗办公楼平均资本化回报率历史数据
Historical Medical Office Building Average Cap Rates
医疗办公楼
超过50000可租用平方英尺
Medical Office
Building
Over 50K RSF,
Built Since 2000
资产回报率
Cap Rates
9%
8.25%
8.19%
8.03%
8%
7.90%
8.08%
7.99%
8.03%
7.56%
7.40%
7.36%
7%
7.47%
7.32%
7.02%
7.27%
6.84%
6.80%
6.84%
6.75%
6.73%
6%
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
数据来源：Costar
Source：Costar
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