Avison Young：2025年下半年美国医疗地产市场报告（英文版）（24页）.pdf

1、Page 1U.S.medical outpatient insights|H2 2025U.S.medical outpatient insightsH2 2025Page 2U.S.medical outpatient insights|H2 2025Funding dipped 7%from 2024,yet 2025 still ranked as the second-highest year for total healthcare funding raised since 2016,even as deal count dropped to its lowest level in

2、 that same period.This trend underlines the idea that investors are deploying capital more selectively,favoring targeted partnerships and focused growth strategies over broad expansion.As of April 2025,private equity firms owned 488 U.S.hospitals.That makes up 8.5%of all private hospitals and 22.6%o

3、f all proprietary for-profit hospitals.Medical outpatient developers have continued bringing space to the market,despite the difficult borrowing and construction cost environment,due to continued tenant demand.Medical outpatient development has slipped only modestly amid these challenges,while tradi

4、tional office deliveries declined 54.1%when comparing 2023 to 2025.This is a result of a changing demand landscape which has not impacted medical outpatient space in the same way.From 2019 to 2025,medical job salaries increased 49.3%,reflecting not only a growing incentivization to bolster the medic

5、al workforce,but also a rising cost for healthcare institutions.Coupled with increasing non-labor expenses like administrative,operative,drug,and supply spend,many medical users are compelled to seek out private equity backing or hospital acquisition to maintain operations.U.S.private equity healthc

6、are deal value in 2025difference between office and medical outpatient deliveriesincrease in medical role salaries49%-49%$154BU.S.medical outpatient building market trendsSource:Avison Young Market Intelligence,CoStar,Private Equity Stakeholder ProjectPage 3U.S.medical outpatient insights|H2 2025$29