Finding the Best Medical Office Space to Lease
As a medical professional you know that having your practice in the right location will dictate a major percentage of your business success. But what you may not realize is the degree of difficulty involved in finding the ideal location for your medical practice.
Here are a few helpful tips to consider before taking the plunge to lease your medical office space.
Do Your Own Measurement of the Space
If the property is said to have a 3,000 square foot office, you may be ready to sign on the dotted line. But, if the office has only 2,000 square feet of usable space, it may be less appealing. Once you calculate the total space then ask the landlord for the unit lease price: the price per square foot. The difference in usable space could be thousands of dollars difference.
Insist on an Option to Renew
The perfect locations for medical offices are in areas which have the most exposure to potential patients. Doctors, medical staff, and practitioners know this and will gravitate to this ideal piece of real estate. Anyone signing the “standard lease” agreement is facing eviction from the property if the landlord finds a tenant who can pay a higher rate on the medical office space lease.
Renewable leases allow the tenant the option of leasing the property after your lease has expired. Most renewable leases will establish the rent for a certain period of time, but will allow for negotiations of the lease after an allotted amount of time.
Get a Commercial Inspection of the Property
Medical office space must have a sterile environment. Having a professional commercial property inspection performed is a good tool to negotiate your lease. Because you need to have a space that does not pose a health threat to your patients, any fixes which need to be done to the property can be negotiated into the lease.
Enlist a Lease Lawyer to Review the Contract
Hiring a lease lawyer will ensure a negotiation angle that is transparent and legal. Most contracts also have holes in them which a landlord can use to get out of a contract should they find a tenant that wants to pay more for the lease. A lease lawyer can help eliminate loopholes.
Be informed and aggressive in your negotiations by keeping the following points in mind:
- Know the unit price for other similar properties in the area.
- Avoid settling on one location, but rather have several possibilities in mind.
- Do not reveal your budget to a potential landlord
- When renewing medical office space leases, begin the re-negotiation process at least 6-12 months in advance so that you have more leverage. Last minute transactions leave you with fewer choices.
And, finally, if this seems like more than you want to take on, remember the value of working with a professional medical real estate agent – especially one that has a 20-year, solid gold reputation for finding medical professionals exactly what they want at the right price.