More capital is finding its way back into medical outpatient buildings. The bigger question for North Texas buyers and sellers is which assets deserve the strongest pricing.
Cushman & Wakefield reported $6.7 billion of U.S. medical outpatient building investment in the first half of 2026, an increase of 21% year over year. It also reported overall cap rates averaging 6.8%, with differences among individual assets and markets.
The broader credit environment is less straightforward. Trepp reported that the national commercial mortgage-backed securities delinquency rate increased to 8.02% in September, and identified $4.70 billion of private-label CMBS loans with hard maturities in October.
Those CMBS figures cover commercial property types broadly. They should not be read as a medical-office-specific delinquency rate. They do, however, highlight why debt structure, renewal exposure and refinancing assumptions remain central to underwriting.
A strong healthcare tenancy story should be supported by documented operating fit, reasonable occupancy costs, renewal probability, and the economics of replacing a specialized tenant. In North Texas, those specifics matter more than applying a national medical-office cap rate mechanically.
What it means for real estate
For sellers, verify tenant quality and remaining lease term. For investors, stress-test financing and re-tenanting assumptions before relying on a headline sector average.