Medical Office Space Hunting for Doctors and Dentists: What You Need to Know
Few would argue that hunting for a new medical office space or dental office space is a daunting task. Then there’s the anxiety of the commitment: short term, long term, lease or buy. So what are some of the challenges you face; the deal breakers? Watch out for these red flags.
Whether you’re dealing with a landlord or a real estate company, be sure they’re professional and transparent. Watch out for danger signs such as last minute changes to your contract or reneging on a lease agreement.
Don’t invest in it if you can’t afford it. If you over-buy or over-lease now, you will pay for it somewhere down the road. Select an office space and a price-point that fits your budget. If you plan to open a general practice serving primarily working class families, don’t look to take over the office of the local neurosurgeon.
Location is always important, but being in the center of town is not always the best choice. Locating your medical or dental office space within a few minutes of the area’s major highways is your best bet. If the office space you’re considering doesn’t have enough parking, forget about it. Nearby on-street parking is not a good option. If you’re in a dense urban area, access to public transportation is an important consideration.
Occasionally there’s an option to take over a built out space, just move in and start practicing. This can work out, depending who had the space before you. But, if you start with a shell, or demolish to a shell, you have more control over your final layout. This can be more efficient. Often the landlord will contribute to this build-out in the form of a Tenant Improvement Allowance or Landlord’s Work. But, then you must negotiate length of lease term, amount of work, and base rent.
Although it might be nice to have a stand-alone medical building with just your practice, there are many advantages to being in a medical building with office space just for doctors or dentists. This offers the advantage of building your practice by referral from other physician’s in the building, or just by patient traffic and potential patients viewing the building directory.
The Painless Alternative
If you’re in the medical or dental field, your time is in constant demand. Hunting for office space is a major commitment of time and effort. So if you can avoid countless hours of combing through medical real estate listings, making appointments and driving to prospective locations, why do it?
The answer is: you don’t have to. We will. Our longtime, 18-year commitment to medical and dental real estate and office space means we know where to look and often before the property even hits the market.
The painless alternative to hunting for medical office space or dental space is very simple if you work with the right people to get it done.