Mar, 27

Baltimore Medical Real Estate Report

Our Baltimore medical real estate report is updated every quarter to highlight key statistics of the market, top transactions, and projects that are currently under construction. The quarterly summary serves to give context to the state of the MOB market in the region.

Currently healthcare real estate is regarded as a “resilient” asset class nationwide, as it saw record investments quarter after quarter. Experts foresee that 2023 will be full of transactions as sellers and buyers negotiate around the possible economic headwinds and disruptions. This may in turn create prime medical real estate investment opportunities as property owners look for ways to free up capital.

As a primary indicator for investment returns, cap rates for the medical real estate sector sit at or around 5% for the top 100 metros. Baltimore’s MOB cap rate is currently just under 5% comparatively, so it sits well within the national average of cap rates in the CRE sector.

Below we give a quick snapshot of other primary statistics in Baltimore healthcare real estate.

Baltimore Medical Real Estate Report - Thomas Park Commercial Real Estate

Baltimore Medical Real Estate Key Statistics Q4 2022

In Q4 2022, the average rent of medical real estate properties was $23.24 per square foot representing a rent growth of 1.4% overall year-over-year. The average occupancy is 94.5%, and there is nearly a total of $16M total MOB space on the market.

Total SF: 15,957,915
SF Under Construction: 1,330,147
Sold Volume: $137.8M
Occupancy: 94.5%
Average Rent (NNN): $23.24
Rent Growth (Year Over Year): 1.4%


Recent Medical Office Building Transactions in Baltimore

Here’s a list of the most recent MOB transactions in Baltimore from the tail end of 2022. The last 5 medical real estate sales in the region represent over $50M.

1) 413 Commonwealth Ave (Baltimore, MD)
Transaction Date: 10/28/22
Price: $1.1M
SF: 8,000
Price / SF: Debobeth Firm, LLC

2) 1200 Brass Mill Rd (Belcamp, MD)
Transaction Date: 10/12/22
Price: $1.5M
SF: 13,300
Price / SF: 1200 Brass Mill Holdings LLC

3) North Ridge Professional Building (Ellicott City, MD)
Transaction Date: 09/27/22
Price: $16.2M
SF: 38,894
Price / SF: $417
Buyer: Carlyle Group

4) Fuller Medical Center (Rosedale, MD)
Transaction Date: 
Price / SF: 
Buyer: Michael Shipley

5) Triad Tech Center (Baltimore, MD)
Transaction Date: 07/20/22
Price: $41.5M
SF: 101,000
Price / SF: 412
Buyer: Healthcare Realty Trust (NYSE:HR)


Current Medical Office Buildings Under Construction in Baltimore

Here are the current MOB projects under construction in Baltimore. There is over 1M square feet of medical real estate coming online with the 5 assets listed below alone.

1) Mount Washington Pediatric Hospital (Baltimore, MD)
Property Type: Hospital – General
Status: In Progress
Start Date: 4/1/22
Finish Date: 2/1/23
Square Feet: 4,000
Value: $2.4M

2) Wellness Center at Yard 56 (Baltimore, MD)
Property Type: Medical Office Building
Status: In Progress
Start Date: 7/1/21
Finish Date: 2/1/23
Square Feet: 84,607
Value: $20.0M

3) University of Maryland Saint Joseph Medical Center (Towson, MD)
Property Type: Medical Office Building
Status: In Progress
Start Date: 12/21/21
Finish Date: 3/1/23
Square Feet: 440,770
Value: $60.0M

4) East Baltimore Medical Center (Baltimore, MD)
Property Type: Medical Office Building
Status: In Progress
Start Date: 12/21/21
Finish Date: 3/15/23
Square Feet: 440,770
Value: $400M

5) Children’s Medical & Surgical Center – North Tower (Baltimore, MD)
Status: In Progress
Start Date: 12/21/21
Finish Date: 4/1/23
Square Feet: 70,000
Value: $21.0M