Medical Real Estate
A medical office lease differs from a traditional office lease in a number of important ways. For starters, doctors tend to remain in their offices longer than other professionals, so if you are on the hunt for new office space, you likely want to try to find one that will serve the needs of your medical practice well into the future.
Furthermore, as doctors and other providers increasingly compete for patients, many of them prefer to avoid setting up shop in existing hospitals. Instead, they choose to occupy spaces that are more convenient and accessible for patients. Regardless of whether you choose to lease office space on or off of a hospital campus, there are certain elements to consider before signing on the dotted line.
After paying your staff, your office space may be your biggest business expense. So, during medical office leasing, it’s always a good idea to negotiate the most favorable terms you possibly can. Just as your patients know to turn to you, the professional, when they need medical advice, it may serve you well to have a tenant representative help you when it’s time to find a new office space.
Medical leasing is quite different than typical office leasing, and lease terms vary broadly from one contract to the next. Medical office leasing also involves complicated terminology, so the more you familiarize yourself with the following terms and concepts, the more likely you’ll be to understand what you’re getting into and avoid common leasing pitfalls.
You typically have three options when it comes to leasing medical office space: direct leasing, subleasing and traditional timesharing. Each leasing option brings with it benefits and drawbacks that may impact your decision. Developing a better understanding of exactly what they are may help you determine which leasing option should best suits your needs.
So, before you sign on to occupy a particular medical office, let’s help you understand some of the pros and cons of each lease type.
The process involved in leasing medical office space differs broadly from that which comes with leasing a traditional office space. Selecting an office space for your medical practice involves special considerations. Many people make mistakes when leasing real estate for their medical practices and recognizing where others have erred may help you avoid making similar mistakes while improving your chances of finding an ideal doctor’s office for rent.