Leasing a medical office space is more complex than leasing a residence or a traditional office space. Before committing to a lengthy, expensive lease on a new medical office, make sure you’re not making any of these five common mistakes.
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Not Doing Research
A medical office lease is a long-term commitment. Signing a lease without doing adequate research can spell disaster for your practice’s long-term success. Instead, carefully research location, competitors, market demographics, area growth predictions, staffing availability, and the cost of comparative locations. You don’t want to find yourself locked into a lease in an area that’s losing residents from your target demographic or where there’s too much competition for your specific specialization.
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Location is a key factor for your success.
Location is a key factor in a medical practice’s success. Visibility, accessibility, connectivity, and proximity to other complementary services, such as pharmacies or imaging services, are vital. Don’t choose based on square footage cost alone – consider factors like visibility from the road, signage rights, parking and transit, the potential cost of improvements, the ability to accommodate growth, and who will be leasing any other offices on-site.
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The time to begin your search for new space is right now
The right time to begin your property search is as soon as possible. Remember, you’ll need to allow time to negotiate a lease and complete any improvements before you can hang out your shingle. Not only that, but available properties will come on and off the market during your search – and the more lead time you allow, the more likely it is you’ll find that perfect space. Begin your search well before your lease renewal so that you’re not left scrambling to take a less-than-ideal option.
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Skipping the Realtor
We understand the appeal of simplifying a transaction or potentially avoiding commission fees. However, realtors offer many benefits when searching for medical office space and finalizing the lease. Gittleson Zuppas Medical Realty specializes in medical office space, has knowledge of properties that may not appear in your searches, and has “information about space or buildings that may soon become available. Realtors are also invaluable in assessing market value, ensuring the right fit, and helping you negotiate a lease that works in your interests. You’ll also save an enormous amount of time – and potentially money as well.
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Accepting a Lease as Is
Contracts are made to be negotiated, and leases are no different. Never sign a lease without negotiating, you may be leaving money on the table and perhaps restricting the growth of your practice. An experienced realtor can help you negotiate a lower overall rate, tenant improvements, protection from competitors moving in on the property, assistance in breaking a lease, and the right to renegotiate upon renewal. A well-drawn lease protects you and your practice, so enlist an expert to negotiate your lease before signing.
Lease the Hassle-Free Way: With GZ
At GZ Realty, we’re experts in medical real estate. With decades of experience matching medical professionals with their ideal locations, we can help you identify a great space, negotiate for improvements, and ensure that the lease provides the best possible terms for your business. Take the risk out of finding a new medical office space to lease – talk to GZ today!