Pricing reset is largely complete, with limited room for compression despite sector strength.

Expirations are ahead (1.7 billion SF), driving a flight to modern facilities and renewed pricing pressure on older assets.

Geopolitical tensions had stalled rate-cut expectations.

Most agencies fall short of the 60% occupancy benchmark.

Foot traffic is increasingly tied to events, weekends and seasonal demand shifts.

Rising occupancy masks soft rent growth and widespread concessions that continue to erode NOI.

Monthly gains have resumed, yet year-over-year rent growth has fallen to its lowest level on record.

Operators compete for limited, high-quality space as an aging population drives steady outpatient care volume.