The healthcare industry employs one out of every eight people in the American economy, making it a driving force for economic growth. In this public health environment, medical providers are likely to expand in new ways that will redefine healthcare practice space.
There are multiple types of commercial real estate properties that best fit the needs of healthcare professionals. Stand-alone medical office buildings, retail spaces, and shopping centers, and hospital campuses all have different benefits for medical practices. The right fit for your practice depends on your business needs and company culture.
Analyzing Commercial Real Estate for Healthcare
Several main considerations come into play when searching for the right healthcare space for your practice. Overall choosing the right commercial real estate location for your medical practice is based on:
- Visibility and Exposure
- Monthly Cost
- Property Maintenance Control
- Property Size and Surrounding Businesses
Ensure you find the space that fits your needs by exploring all types of commercial real estate.
Medical Office Buildings (MOBs) for Your Healthcare Practice
Dedicated exclusively to healthcare tenants, medical office buildings are an easy choice for your medical office space. Particularly, their proximity to other healthcare tenants is a benefit to expanding your business. MOBs tend to offer janitorial and utility services that are needed in healthcare safety services. However, medical office buildings are typically more expensive than traditional office space with the added services, atmosphere, and security provided or based on location.
Medical Offices Within Retail Locations
Retail locations are undergoing a shift due to business.es moving out of traditional brick and mortar locations. This creates an opportunity for medical offices to move into those vacant spaces. A viable real estate strategy is to move your healthcare facility to a more convenient location that provides benefits to your patients like proximity to shopping or dining. There are some costs associated with this option.
These buildings often require some infrastructure upgrades to make them suitable for medical practices.
While setting up shop in a repurposed and visible retail location provides benefits for foot traffic, make sure to not go at leasing it alone. For example, tenant improvement costs for medical buildouts can be expensive and cost-prohibitive. Retail landlords may only provide minimal improvement allowances. Use a professional brokerage company to negotiate your lease to cover incurred improvement costs is a beneficial strategy.
Leasing Office Space on Hospital Campuses
Similar to leasing at stand-alone MOBs, leasing space on a hospital campus provides a strong referral base for patients. The benefits of leasing on a hospital campus are the affiliation with the hospital or other complementary practices. On-campus office space can fetch a top-dollar leasing price so evaluating your budget is the main factor in making your choice. While leasing costs are extensive, using space provided by hospitals provides turn-key advantages for leasing. Certainly, leasing on-campus healthcare space may not be right for every healthcare practice. Working with a real estate agent with experience in leasing medical office space helps you evaluate your top options.
Healthcare Leasing with Plaza Companies
At Plaza Companies, our experts are your leaders in medical office space leasing. Our brokers are experienced in lease negotiations, start-ups, and lease renewals. We are here to assist you in leasing your next medical office building in Arizona. Work with us to represent your next medical office lease. Contact us today to find the office space that is right for you!