While other commercial real estate sectors are suffering investor withdrawals amid high interest rates, empty office space and the threat of a possible recession, healthcare facilities remain an attractive prospect because healthcare is historically more removed from economic cycles and because of recent pandemic-related shifts where patients are looking for more convenient facilities to receive care, the report said.
“It has historically been a recession-resistant asset class,” Steve Bolen, U.S. head of healthcare real estate at LaSalle Investment Management, told an audience at Bisnow’s New York Healthcare Summit. “We were not surprised at all to see healthcare real estate land again on the favored list for 2023.”
Private equity in particular is a growing influence in the healthcare real estate industry, according to the report. Healthcare systems could do well to partner with such entities as they seek to raise capital for real estate projects, Brent Stackhouse, Mount Sinai Ventures managing director, told the conference.
“In terms of what I’m seeing here in New York, there’s a big influx of private equity capital coming in to build new healthcare businesses,” he said. “Our strategy is to move towards joint ventures with some of those entities.”
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