5 Mistakes Doctors Make When Leasing Medical Office Spaces

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.

So, before you sign on the dotted line at a particular clinic or office space, avoid these five common errors.

1. Protect Your Interests

When renting a doctor’s office, keep in mind that while your goal is to find a suitable, affordable setting in which to conduct business, your landlord will be more focused on their own needs. Be sure to be thorough in your research and read all leasing documents and contracts carefully.

2. Not Hiring a Realtor

Chances are, your potential commercial landlord is utilizing the guidance of a real estate expert to protect his or her best interests, so it will serve you well to give yourself the same advantage.

3. Not Considering Cost of Improvements

Upon leasing a medical office, you will undoubtedly need to make changes to it so it can effectively meet your needs. Typically, a commercial landlord will give you a per-square-foot amount you can use to adapt your medical space, but you need to perform a careful assessment before signing the lease to make sure the amount offered is sufficient.

4. Blindly Signing a Personal Guarantee

Typically, personal guarantees benefit the landlord, not the tenant. By signing one without thoroughly understanding its terms, you run the risk of potentially exposing your personal assets to liability.

5. Not Giving Yourself Enough Time

Adapting a medical office to your specific needs takes time, with more complicated medical offices obviously taking longer to prepare for use. Time is money, so when a project takes more time than you planned for, your business’s budget can take a serious hit.

When it comes to medical leasing, common mistakes can lead to major financial hardships. Plaza Companies can help you avoid these common pitfalls while improving your chances of finding the right space and maintaining a favorable landlord-tenant relationship while using it. To learn more call us at 623.972.1184.

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Whether you are looking to us for management, leasing or development services, we can help you find the perfect space. With over 40 years of experience, you can trust Plaza Companies to assist you with your real estate needs.

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