The medical office marketplace is always in flux, and you need to have a strong understanding of certain aspects of it if you want to find success in a given location. Before you settle on a particular clinic, doctor’s office or other type of medical facility, make sure you understand the complexities of the market and how they may or may not help drive success at your medical office space.
More specifically, before you put down roots on a hospital campus, in a medical office building, in a traditional office building or in a retail center, make sure you understand the following:
Market terms
Most medical office buildings classify as either Class A, Class B or stand-alone operations. Class A medical office spaces are often the most modern and most likely to be multiple stories, or on or near hospital campuses. Class B spaces are also often located on or near hospital campuses but are more likely to be smaller, one-to-two story structures. Stand-alone medical office buildings are often under the ownership of physicians and are generally the smallest of the three main types.
Market trends
Some amenities are more desirable and valuable to doctors and other health care providers than others, and they tend to change over time. These days, many care providers are seeking spaces that have electronic record storage capabilities, MRI-safe equipment and similar accommodations already in place. There has also been a recent shift among care providers wanting to move into shared facilities, where the overhead costs of doing business are often lower.
Risks
Prospective medical office tenants also need to think about the potential risks involved with leasing or buying medical office space. In some cases, physicians and other health care providers underestimate the cost of adapting or remodeling a medical office property to meet their needs. There is also risk involved with signing a landlord’s lease without having someone knowledgeable about the market and process there to guide you.
While it might pay to take a DIY approach to say, painting your bathroom, the same can’t be said for finding medical office space. Having a knowledgeable professional guide you through the process of finding a medical office can help you avoid common pitfalls and unnecessary risks, increasing the chances of a favorable lease and a practice that runs smoothly and efficiently. For assistance, call Plaza Companies at 623.972.1184 or email info@plazaco.com.