When launching a private practice, one of the first steps you need to take is to have your own medical space. Leasing space usually leaves you with more start-up cash flow compared to buying a property, making it a cost-effective option.
Because renting a property is a significant financial commitment, it's important that you review your choices carefully and plan thoroughly to make sure that you're renting the right location. Consider the following key tips to find the best medical space for you.
1. Do some research.
First, gather information about the potential locations where you want to set up your office. Many physicians choose non-hospital campus properties that offer easy access for their patient bases.
The increasing competition for patients compels a lot of health care providers to rent medical space in smaller suburban medical offices and urgent care clinics as well as smaller community retail centers close to hospital campuses.
Visit several prospective locations to get a feel of the environment and determine which office spaces meet your requirements, especially the size.
If modification is necessary, find out if the landlord allows it and if he's willing to cover some of the expenses.
2. Contact a broker who specializes in medical space for lease.
Hire a medical office space broker with extensive experience in leasing medical space, as he is most likely aware of suitable buildings and office spaces for rent.
Also, medical office space brokers know how to structure the terms of a lease agreement to match the specific needs of a health care provider, whether you’re a dentist, optometrist or even a hospice home.
Choose an experienced and trusted professional who can negotiate on your behalf to reduce real estate costs. He should walk you step by step throughout the whole leasing process. The right broker can save you time and money and make your leasing experience much easier. Find a rental broker through local and state medical societies or by word of mouth.
3. Consult your tenant representative or attorney before signing an agreement.
Renting medical space (doesn`t matter if it is hospice home, optometrist cabinet or orthodontist cabinet) often requires longer and more complex lease agreements than a typical office space, as medical tenants generally deal with toxic materials and generate biomedical waste.
Health care professionals use X-ray machines and CT scans, which may produce harmful radiation; thus, the lease document must account for special requirements to ensure compliance with applicable laws. Other issues involved in leasing medical space include after hours access, exclusivity provisions, death and disability clauses, and tenant improvements.
Study all of the terms and provisions included in your lease agreement, and consult your attorney or real estate advisor if you have any questions or concerns.
Before leasing medical space, review the lease agreement properly to ensure that it fits your unique needs. Your chosen space should be conveniently accessible to patients and capable of safeguarding expensive equipment and tools.
As medical practitioners relocate less frequently than other office tenants, it's imperative that you make the right decision the first time.