There have been few medical office trades in the area; even fewer developments. In the latter category, Seavest, an investment management firm focused on healthcare real estate assets based in White Plains, NY, recently delivered its third medical office building in the area--a $24-million building that is 80% leased in the Inova Fair Oaks Hospital campus in Fairfax. Also in Fairfax, Gyrodyne Co. of America, a Long Island-based real estate investment trust, closed on Fairfax Medical Center for $12.89 million, or $221.84 per square foot earlier this year. It is the company's first in the DC area.

Still, though, medical office buildings are a different breed than standard office--thus it is important to view the lack of activity through that prism. In general, MOBs don't trade a lot, Kornick says. "They are very stable investments for doctors that typically keep them for decades--usually as long as their own practices run."

That said, it is clear that activity has slowed in the DC area's MOB asset class. More trades will hopefully come to market in the second half of the year, Kornick says. "The expectation is that the health systems will be sellers--they have a lot of pressure on them right now financially." Buyers, for their part will find that there is a lot of capital out there that wishes to invest in MOBs, he adds.