Selecting and Obtaining the Best Office Space for your Practice
Selecting and Obtaining the Best Office Space for your Practice
- April 25th, 2012By Cathy Hill: Valeo Magazine
Relocating or expanding your medical office space is a complex process. That is why you need to start the planning process at least one year in advance, according to Evan Tarbis, senior advisor with Duncan Commercial Real Estate, and an expert in medical office leasing and acquisition. “You don’t want to rush such an important decision,” Evan says.
Allowing adequate time gives you the flexibility you need to acquire or lease the right space at the right time and at the right price.
Office Relocation Tips
To attain optimum results, you should follow these proven steps in your medical office selection and acquisition process.
- Make sure you are aware of your lease expiration date so that you can start planning well in advance. Month-to-month or holdover lease extensions after the initial lease expires can be expensive – often increasing your rent by 100 to 200 percent.
- Consider the size, location, patient flow, functionality, equipment and infrastructure requirements, parking and accessibility needs, and so on – anything that affects the objectives you have for your new office space.
- Using the information you provide, an experienced commercial real estate broker can help you survey the marketplace to identify the available properties that meet your specifications. In addition, the broker may even be able to identify opportunities that you may not have considered previously, such as new construction.
- Once the list of possible properties has been narrowed down, key office staff should gather first-hand knowledge by touring the preferred properties.
- After you have selected the location, the broker can work with your office liaison to prepare the property for occupancy. This may include interviewing, hiring and coordinating with architects, developers, property owners, financial advisors, attorneys and other professionals. Be aware that this process can take can take as much as nine to 12 months.
- Thoroughly review and approve all documentation associated with the move, including proposals, letters of intent and lease documents.
- Make sure you begin notifying your patients of the relocation as soon as possible, so they can get acclimated to the change.
Follow these guidelines to ensure that you are making an informed decision about your medical office relocation – and making the complex medical office selection process go smoothly.
For more information, or advice about medical office relocation, contact Will Duncan at 502-292-5464 or wduncan@duncancre.com.
