1、Page 1U.S.healthcare market report|H1 2025U.S.healthcare market reportH1 2025Page 2U.S.healthcare market report|H1 2025Hospital and health system operating margins remained steady in May,with health systems posting a median year-to-date(YTD)margin of 1.1%,up from 0.9%in March.At the same time,the me

2、dian investment per physician full-time equivalent(FTE)reached$332,512 in May,marking a 4.7%increase from 2024 and a 19.2%rise compared to 2023.Total expenses per physician FTE rose 7.6%year over year to$1.1 million,outpacing revenue growth of 5.6%and productivity gains of 4.5%,adding further strain

3、 on healthcare organizations capacity to invest in real estate expansion.Despite high inflation,and strong demand from medical users,MOB investors have experienced a decline in average deal prices.This is due to rising interest rates,which have forced owners of expensive core and core plus medical o

4、utpatient buildings with strong credit tenants and long weighted average lease terms to hold their properties and wait for cap rates to return to levels seen in 2021.This decline has not impacted medical user demand though,which is high enough to allow owners to increase rental rates each quarter fo

5、r the past five years.From May 2023 to May 2025,job postings in the healthcare sector have increased by a dramatic 37.5%,as medical providers seek more staff than in recent years.This metric has risen by over 137%from May 2020 to May 2025,as healthcare hiring has increased in the post-COVID era.This

6、 increase is likely to level out or decrease as the supply of workers rises and opportunities become more competitive to fill medical roles across the U.S.U.S.health systems operating margins see modest increaseincrease in job postings37.5%-20.2%1.1%U.S.medical outpatient building market trendsSourc