As a medical provider, the lease is one of your major expenses. Handled right, your lease can work in your favor and position you for success. But a poorly negotiated lease can cost you thousands in perks and options left on the table. Before you renew your current lease or sign the lease on a new building, here’s what to consider.
Is the Space up to Scratch?
Medical professionals need dedicated space equipped to ensure high-quality care and service. When considering a space, think about how well-suited it is to the needs. A landlord may help with your build-out, but it’s often still a better financial decision to choose a space already designed with healthcare in mind. If you’re renewing a lease, consider your growth and modernization plans, and negotiate improvements as part of your lease agreement. Discussing your needs with a real estate professional or architect can be valuable before proceeding.
What Amenities are Available?
The success of your healthcare practice goes beyond what happens inside your consulting rooms. Not only does your office need to be well located, but it needs to be supported by amenities, including convenient transit and on-site parking, easy access for deliveries and other personnel, and visible signage. Some lease agreements will also include prominent signage on the building or on road frontage. Access and visibility are both huge factors in attracting and retaining patients, so make sure that your lease terms support both
Are Your Neighbors Complementary?
Healthcare practices increasingly exist within larger mixed-use spaces that aim to support the needs of patients. Being situated among retail stores, pharmacies, cafes, and restaurants can be great for business, as it not only provides additional foot traffic but allows patients to complete their wellness journey all in one convenient place. Before signing a new lease, consider who your neighbors are and whether they complement, detract from – or even compete with – your practice. Some lease agreements include a “non-compete” clause, while others do not. Review your contract to ensure that a competing practice can’t move in next door.
Are You Getting a Good Deal?
The location might be an important factor in real estate, but it’s not the only one. There’s much more to consider beyond the size and location of your space. How much of the rentable square footage is usable? What does the rent escalation look like over the term of the lease? What might seem like a good deal up front might have an impact on your bottom line as those escalations apply over the years. Are improvements factored into the lease, as well as provisions in case the building owner decides to demolish or renovate your building? In some cases, the building owner might even have the right to relocate your practice – so know what you’re getting into.
Get Your Lease Right With GZ
At Gittleson Zuppas Medical Realty, we’re specialists in medical real estate. Not only are we pros when it comes to connecting healthcare professionals with quality spaces that perfectly suit your needs, but we’re also here to help ensure that your lease is negotiated in your favor and with no surprises. Whether you’re looking for a new space or you’re getting ready to sign or renegotiate a lease, GZ is here to make sure that you’re looked after. Get in touch today!