How Does Medical Office Leasing Work?
As a medical practitioner, your concern is to find a space that incorporates all the facilities you need but is also at an attractive location where your patients will want to come.
When you are looking for a medical office for lease, there are many factors you should consider before signing the agreement. If you are a first-timer, leasing and the respective formalities may be confusing, and finding the right medical real estate broker should simplify the process for you.
Leasing a medical space has significantly lower costs than buying a medical office from the start. However, there are varying price ranges for different medical offices, which depend on the facilities that this space will provide for your practice.
If you lease an ordinary office space and are willing to convert it precisely for your medical practice, you should also consider conversion costs before leasing the space. If you are on a budget, you may look for a medical office space with equipment, so you don’t have high out-of-pocket expenditure.
Depending on which medical field you specialize in, you may have different accessibility requirements for your medical office.
Suppose you have a regular stream of physically challenged patients visiting your office, your office should be ADA compliant and have the infrastructure in place for your patients’ comfort.
Your property owner may also be agreeable to giving you an improvement allowance that lets you build or improve upon the space allowing for greater accessibility.
Make an Informed Decision
Many medical offices can be in the same building, and it might even be that the property owner has set up multiple medical spaces within the vicinity. While this is profitable for them, it might not be beneficial for you.
Being amid many medical offices operating in the same field as your practice will increase competition within the area for the same type of patients. To find the perfect space, you should make sure that you are the exclusive medical practitioner in your locality.
It might be a part of your lease agreement, or you can separately request your real estate broker to arrange it, so your practice isn’t located near any other similar practices.
Exclusive Use Permission
Regular offices work standard business hours, and the space you may be leasing might have similar hours. As a medical practice, you may be open during odd hours or even 24 hours.
To make sure this doesn’t become a concern for your practice, you should request access at all hours, and this should be stated explicitly in your lease. Medical Office leasing can become very technical, so it is best to have a professional brokering for you.
Between buying and leasing, the latter is the cost-efficient option when you’re just opening a new practice or plan on relocating in a few years. Having the right broker can also ensure that you stay within budget when you’re looking for the perfect space.
A medical office for lease is preferable when you want to know what it would be like to run an independent medical practice before investing in a property yourself.