Finding Your Ideal Chiropractic Office Space
Just because the demand for quality chiropractic space is high doesn’t mean you should settle for a secondary location with a lighter patient load, smaller income, and a practice worth less in years ahead when it’s time to retire or sell.
When looking for a location, be prepared to negotiate with the landlord or real estate agent. Sometimes there is the perception that chiropractors charge substantial professional fees, so they can afford to pay higher rents. And building out a chiropractic office can be expensive, which is all the more reason to seek reasonable lease terms.
Don’t be misled in thinking that negotiating a lease is a legal process. You don’t need an attorney as much as you need a professional medical real estate pro.
Moving a practice is a big expense. So if you don’t get the location right the first time, you may be taking on the future expenses of relocating at the end of your lease term.
Consider an office within a retail-anchored plaza or properties that have good visibility and accessibility to drive-by traffic. Frequent exposure is crucial, as people who drive by your office regularly will remember you when they need a chiropractor.
Some components of a good retail lease also apply to chiropractors’ space requirements. Because chiropractors must work to build a patient base, a strong location is essential in the early years of establishing your practice.
Chiropractic offices may be open only four or five days a week, while the retailers beside them are open seven. If this is the case, you will have less time to earn the same amount of money as your retail neighbors. Of course, some practices remain open every day, but these entities usually have multiple doctors to share the work and patient load.
The failure rate of chiropractic offices is tiny compared to many industries. A landlord can bank on a chiropractic tenant to stay in the same location for years and pay the rent on time. The landlord’s mortgage holder will often show preference to properties with chiropractic leasers—thus making you a valued tenant to the landlord.
If your office is only seeing a few patients at a time, your tenancy will take up less parking than other tenants such as restaurants, shops, or retailers; and most landlords know that having a good mix of inhabitants from different industries is better for their parking ratios as well. The fact is, most landlords want doctors to lease spaces from them to get the right business blend, so consider all of your options and make a decision that’s in your favor.