When it comes to the world of commercial real estate, there are a couple of types of cooks in the kitchen. Office, retail, and MOB (Medical Office Building) all fall under the umbrella of commercial real estate. What is the difference between them, and the pros and cons of each route?
Office spaces can be a great option for your medical practice location. These types of spaces usually offer better lighting, lower costs, and greater assistance and maintenance from landlords. The traditional business setting can also lend a sense of credibility or comfort to your patients.
Retail spaces typically come at a higher (retail) price, but they often offer greater exposure and signage visibility. Retail spaces also have a diverse grouping of tenants that can encourage a lot more traffic. Additionally, they’re also going to be designed with easy access and the consumer in mind.
For these reasons and more, retail medical offices have been trending, especially for outpatient facilities. With retail stores struggling in recent years, medical practices have been opening up in their place. In 2010, Johns Hopkins and Patient First opened four urgent care facilities in old Blockbuster locations around Maryland after they went out of business.
Medical Office Buildings
Since medical office spaces are dedicated to healthcare professionals, there are excellent opportunities for referral partners. The synergy between healthcare-related tenants can be a huge positive for any medical practice. With MOB spaces you’ll also have more in terms of healthcare-related amenities, such as janitorial and utility type services.
Know Your Options
As you consider relocating, expanding or opening a medical practice, you’ll want to be sure to evaluate all of your options. A professional who knows the industry and the market will be able to provide you with the specific pros and cons of each option and how it would affect your practice.