Medical Office Space: Healthcare provider’s needs vary drastically from time to time. Many things can affect the success of your practice, such as the location of the office space, the rent amount you pay, and the amenities you get. Renting a medical office space is a challenging task.
Medical Office Space
When you want to rent medical office space, you may not know where or how to start your search. Thus, here are some renting strategies that you can consider to shortlist the best options.
Determine the Space
Ensure you know exactly how much space you will need for your medical office. This parameter is generally at the top of anyone’s mind. But it is crucial, as getting this wrong can mess up the whole process.
Keep your future growth plans in mind when making this consideration.
Understand the Costs and Average Property Rates
One of the most confusing factors while choosing a rental medical space is determining its cost. You may start by understanding the average rents in the same locality to get an idea. Once you know the average rental prices, understand the difference between the sticker price and the actual cost of renting this space.
The sticker price is the actual rent of the property, while the actual price refers to any conversion expenses to make the space fit your practice. Plus, the actual price includes extra fees to use this particular space, like the building’s maintenance costs, repairs, insurance, and property taxes that you’ll share on a pro-rata basis.
You may choose a modified gross lease covering other charges except for your electricity and janitorial expenses or opt for a full-service gross lease covering everything in one rental price. Ask about the total occupancy cost to compare various properties.
Ask About Accessibility
As a healthcare provider, you will probably see people who are ill or have some mobility problems. Thus, the medical office space you rent should be easily accessible to patients.
Consider whether you want to rent medical office space that has enough accessibility and equipment. If it’s not available, you will have to pay a lot more to make it easily accessible.
When looking for medical space, try to find one that is ADA-compliant. ADA (Americans with Disabilities Act) compliance should be one of your vital concerns when it comes to renting a medical office space.
The installation of ADA-compliant accessibility facilities may be costly. Thus, you must negotiate lease terms with the landlord to ensure you don’t bear the total cost of installing ADA-compliant facilities such as ramps, etc.
Since medical office spaces have exceptional improvement needs, you should communicate your demands directly with the landlord, including hiring a new contractor specializing in building and designing medical spaces.
Often, improvement costs are offered based on different factors such as the age and condition of the existing building, the term for which you rent a medical office space, the rental amount, and the personal guarantee or credit of the individual.
Conventional office space generally restricts access after standard business hours (8-to-5). However, when you’re renting a space for medical purposes, you might need to see a patient after hours.
Make sure that the lease you’re signing has terms that can specifically mention this clause. Read your lease document carefully to understand how and to whom the responsibility of utility expenses are allocated.
As per the expert opinion, the medical office spaces should have more than five parking spaces allocated for every 1,000 square feet. You must also have a “drop off” area where people can quickly drive through and drop the patient right at the office door.
Find a Qualified Broker
Since there are many factors to keep in mind, there is a considerable advantage of having a broker specialized in the medical space by your side. A qualified broker will help you streamline leasing and secure a lease for you that can fully benefit your medical practices.
So, if you are looking to rent a medical office space in DC, keep the aforementioned tips in mind, or just hire a reliable and experienced medical office broker, as they know all these tips and more.