2023-03-13-莱坊-Healthcare_Property_Market_Overview_2022_23_14页_4mb

报告摘要

Healthcare Property Market Overview 2022/23 Summary

Market Overview

The healthcare property market remained active in 2022/23, with yields softening due to inflation. Approximately 10,000 new beds were approved through planning applications, supporting the existing stock. Occupancy rates improved but are still near pre-pandemic levels. EBITDARM margins and occupancy showed modest recovery from pandemic lows.

Key Trends

Staff costs rose in 2022, with average pay increases for nurses and carers, but still lagging behind the National Living Wage.
Investment volumes declined, with total transactions down, influenced by higher rates and debt costs.
ESG considerations are increasingly important, attracting investors focused on sustainability and social impact.
The market highlighted challenges in passing fee increases to offset inflation, with potential ceilings on rises.

Subsector Analysis

Elderly and Residential Care: Demand driven by an aging population, with projected shortages leading to investor confidence. Occupancies reaching 85-90%, slightly improving.
Adult and Supported Living Care: Heavily reliant on independent operators, accounting for over 90% of the market, with steady growth in demand due to mild disabilities and other needs.
Childcare and Special Educational Needs: Demand strengthened by population growth, attracting investments from private equity and REITs, with nursery care and SEN schools gaining interest.
Health Services: Includes hospitals, GP surgeries, pharmacies, and dentists, which saw shifts in service delivery post-pandemic, such as digital consultations.

Investment and Capital Dynamics

Investment shifted toward private equity and REITs due to higher debt costs. Cross-border transactions remain prominent, but volumes decreased. Capital moves are cautious, with operators prioritizing organic growth through refurbishment over new builds.

Forward View to 2023

Key challenges include inflation, potential labor shortages, and energy cost pressures.
ESG will be a top priority, with government and regulatory support vital.
Opportunities for innovation, such as asset upgrades and sustainable projects, are expected to arise.
The market may see reduced transaction volumes if economic uncertainty persists.