Hospitals Lead the Charge: Investor Confidence Grows in Healthcare Assets

By: Erik Hill, MAI, CRE, CCIM, MRICS
September 23, 2025

As the broader commercial real estate market continues to navigate economic headwinds, the healthcare sector has quietly charted a course of resilience and growth. While other asset classes grapple with volatility, healthcare real estate has demonstrated a unique ability to adapt, driven by rising demand, strategic investor interest, and a shifting landscape of care delivery.

In the second quarter of 2025, one of the most notable trends in healthcare real estate was the continued decline in new construction volume. At the same time, absorption rates increased, pushing national occupancy averages above 92%. This dynamic created a tightening market, where existing facilities saw increased utilization and investor interest.

Hospitals and health systems, along with private investors, emerged as the dominant buyers in the sector during the first half of the year. In contrast, REIT activity was relatively muted—a departure from previous years when institutional capital played a more prominent role. This shift underscored a growing confidence among operators and private capital in the long-term viability of healthcare assets.

From a capital markets perspective, medical office cap rates expanded slightly in Q2 compared to Q1, rising by approximately 10 to 20 basis points. Hospital transaction volume outpaced its historical average, signaling strong investor appetite. Medical office transactions remained somewhat below their historical norms, but the sector showed signs of stabilization.

Interest rates continued to pose a challenge for securing capital, but sentiment shifted. More investors became comfortable operating in a higher-rate environment, recalibrating expectations and deal structures accordingly. Construction costs remain a significant barrier to new supply, with elevated expenses driving up rent rates and making new developments harder to justify.

Despite these challenges, signs of stability have emerged. The inpatient sector experienced steady growth, and behavioral health and substance use treatment facilities attracted increased interest. These specialized assets gained traction as demand for mental health services continued to rise, presenting new opportunities for investors and developers alike.

Looking ahead to the remainder of 2025, the industry is watching closely for continued Fed rate cuts. If rate cuts continue, such a move could unlock transaction volume across all healthcare property types, providing a much-needed boost to deal flow. Additionally, portfolio transactions are anticipated to gain momentum in the second half of the year, with rumors of one or two major deals having circulated among market participants.

In a year marked by uncertainty, healthcare real estate has proven to be a beacon of stability. For investors seeking durable income and long-term growth, the sector continues to offer compelling opportunities—particularly in areas aligned with evolving care models and demographic trends. As 2025 progresses, healthcare assets are positioned to lead the charge in redefining what resilience looks like in commercial real estate.

Looking forward, the healthcare real estate sector is poised to benefit from demographic shifts, evolving care models, and potential monetary policy adjustments. Investors should monitor developments in behavioral health, inpatient care, and portfolio transactions, as these areas are likely to shape the market trajectory through the end of 2025.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Partner Valuation Advisors Taps Industry Leader James Graber to Drive South Central Growth

The appointment reinforces Partner’s commitment to institutional excellence and national leadership in CRE valuation

Dallas, TX – September 15, 2025 – Partner Valuation Advisors (Partner) is thrilled to welcome James Graber, MAI, as Senior Managing Director, based in Dallas and supporting the entire South Central Region. This strategic appointment represents a meaningful advancement in Partner’s ongoing expansion and dedication to industry excellence across the region and nationally.

James brings a wealth of experience in commercial real estate valuation, strategic growth, and operational leadership, having held senior roles at two national real estate services firms.

In his most recent role, he served as Chief Operating Officer, where he led the development of a divisional leadership structure, implemented management and technology systems, and expanded alternative asset valuation services—including seniors housing, cost segregation, automotive, manufactured housing, and right-of-way segments.

Prior to serving as COO, James held the position of Managing Director, leading the national Seniors Housing & Healthcare Valuation & Advisory Services group, building a nationally recognized seniors housing group and expanding its reach and capabilities. He was consistently recognized as a top producer, thought leader, and mentor, with published insights in leading industry outlets such as GlobeSt., Senior Housing News, and The Real Deal.

“As demonstrated by their involvement in one in every five transactions across the United States, the scope of the Partner’s reach and influence within the Commercial Real Estate sector is substantial,” said James Graber. “I’m excited to help scale our technology, grow our institutional teams, and bring top talent into a group that’s already making a strong industry impact. Attracting the best and brightest in the industry is a key priority for me, and I look forward to building a team that sets the standard for excellence.”

“James is a powerhouse addition to our leadership team,” said Eric Enloe, MAI, CRE, FRICS, Co-founder and Senior Managing Director. “Partner Valuation Advisors has become a top 10 valuation and advisory firm in just three years. James’ experience in both core and specialty asset classes, combined with his strategic vision and operational rigor, will accelerate our momentum across the region and nationally.”

He will serve as a driving force in growing Partner’s property type teams, including both core and specialty assets, leveraging his institutional expertise and strategic vision to every facet of the business.

Partner views his leadership, insight, and drive as instrumental tools that will help the firm continue to scale and innovate across the South Central Region and beyond.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Michael A. Robinson’s Arrival Marks Major Milestone in Partner’s Growth

Industry Veteran Joins as Managing Director, Strengthening Firm’s East Coast Leadership

Miami, FL – August 25, 2025 – Partner Valuation Advisors (Partner) is proud to announce the addition of Michael Robinson, MRICS, as a Managing Director supporting the firm’s operations in both Florida and the New York metropolitan area. Widely regarded as one of the most experienced and respected professionals in the valuation industry, Robinson brings nearly 35 years of expertise to Partner’s rapidly expanding East Coast platform.

Throughout his distinguished career, Robinson has led the valuation of thousands of commercial properties across the country, including some of the most high-profile and complex assets in the marketplace. His notable assignments include the Seagram Building at 375 Park Avenue, the retail component of the Time Warner Center, 425 Park Avenue, and 432 Park Avenue, once the tallest residential tower in the Western Hemisphere. Robinson has a strong track record serving institutional investor and debt capital clients nationally.

“Michael is a true heavyweight in our industry,” said Eric Enloe, Co-founder and Senior Managing Director at Partner. “His reputation, technical acumen, and unwavering commitment to quality make him a game-changing addition to our team. This is a pivotal hire for Partner as we continue to elevate our presence in key markets and with our institutional client base.”

Robinson’s expertise spans virtually every major property type, from multifamily and office to industrial, hospitality, and development sites. He is particularly well known for his work in portfolio valuation, partial interest valuations, financial reporting, litigation support, and estate tax disputes. His client roster includes many of the world’s most sophisticated investors and lenders.

“Joining Partner is an exciting next chapter in my career,” said Robinson. “The firm’s national platform, deep bench of talent, and track record of trusted, high-caliber work align perfectly with how I’ve always approached valuation. I look forward to helping our clients navigate today’s complex real estate landscape with clarity and confidence.”

Robinson holds a Bachelor of Science in Finance from SUNY Albany and a Master of Fine Arts from the American Film Institute. He is a Certified General Appraiser in New York and New Jersey, and a member of the Royal Institution of Chartered Surveyors (MRICS).

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Keith Bolte, MAI, AI-GRS, Joins Partner Valuation Advisors as a Director in Charlotte Office

Keith’s Arrival Strengthens Partner’s Ability to Deliver Specialized, High-Impact Valuation Insights Across the Carolinas 

Charlotte, NC - August 20, 2025 – Partner Valuation Advisors LLC (Partner) is pleased to announce that Keith Bolte, MAI, AI-GRS, has joined the firm as a Director in the Charlotte, NC office. Since coming aboard, Keith has hit the ground running, bringing immediate value to clients across the Carolinas with his deep market knowledge.

Keith brings over 13 years of experience in real estate valuation, with a focus on industrial, office, retail, and multifamily properties. He also brings specialized expertise in cold storage facilities and industrial outdoor storage, asset types that are increasingly in demand across the Southeast.

“Keith’s impact was felt from day one,” said Eric Enloe, Senior Managing Director at Partner. “His ability to navigate complex assignments and deliver high-quality results has already made him a go-to resource for our clients in the region. We’re thrilled to have him on the team.”

Keith’s career has included valuation work for institutional investors, REITs, debt funds, insurance companies, and banks. He has led assignments for portfolios and single-asset engagements alike, including high-profile industrial parks, urban infill redevelopment sites, and mission-critical logistics facilities.

“Joining Partner has been a great move for me in my career,” said Keith. “The firm’s national platform, strong leadership, and commitment to excellence align perfectly with how I approach my work . I’m excited to continue growing our presence in the Carolinas and delivering meaningful insights to our clients.”

Keith holds the MAI and AI-GRS designations from the Appraisal Institute. He is a member of the North Carolina Appraisal Institute and previously held senior roles at national valuation firms.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York , Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Office and Retail Find Their Footing

By Eric Enloe, MAI, CRE, FRICS, Joseph Miller, MAI, MRICS & James Burgwald, Senior Vice President, published on August 05, 2025 on GlobeSt.com

As we pass the midpoint of 2025, both office and retail real estate sectors are showing signs of stabilization—though each faces distinct pressures. Office recovery remains uneven, with financial and professional services driving leasing activity, while corporate users seize discounted assets in core markets. Retail continues to show resilience, especially in grocery-anchored and net lease properties, despite ongoing store closures and bankruptcies.

In this latest GlobeSt article, Senior Managing Director Eric Enloe, MAI, CRE, FRICS; Managing Director Joseph Miller, MAI, MRICS; and Senior Vice President James Burgwald explore how strategic acquisitions, tenant quality, and long-term fundamentals are shaping investor confidence across both the office and retail sectors.