Medical Office
Oct 20, 2026
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5 min read
The site-of-care shift, payer mix and what health-system credit risk means for medical outpatient buildings
MRI magnets, tenant-funded build-outs, referral networks and patient geography: where a medical landlord's pricing power comes from.
Completions are down, construction is expensive, buildings are purpose-built, and a basis below replacement cost works as a moat.
Same word, different cash flows. And why converting empty office buildings into medical space is harder than it looks.
4 min read
Covid was the stress test. Only close-contact medical tenants asked for relief, and the cash flow held.
The light value-add playbook, basis versus replacement cost, and the diligence that makes it work
