Locating a new medical office is just one piece of the puzzle when starting a new medical practice. However, every successful practice must go through a situs analysis, or the analysis of economic linkages, physical linkages, and environmental influences.
Of course affordability is going to be on the top of anyone’s list, particularly a new practice. A Net lease, will typically cover the rent only, and the renter must also pay a proportional share of taxes, insurance and CAM (common area maintenance) costs. The other extreme is a full service gross lease, which covers all expenses, including utilities. There are many lease variations in between. For multi-tenant medical buildings, a modified gross lease is often implemented, which excludes maintenance, janitorial and electrical expenses.
On the other hand, ownership might be an option. Single-tenant medical offices seem to be a thing of the past. Perhaps a medical condominium is the right option. Cost to build out the facility is a factor to consider. It might make more sense to purchase a “shell” condo, so that you are starting from scratch. While it may seem you are saving money on an already built-out space, awkward patient flow, obsolescent design and wasted space might cost you more in the future. Remember that cost does not always equal value. Make sure your designs are modern and inviting to your patients, but always conform to the prevailing standards of competitive properties.
Accessibility and exposure are very important to your patients. Depending on the type of practice, location near a hospital may be an advantage. In addition, proximity to a major arterial, such as a highway can be a plus. However if a patient must complete more than two turns to access a potential location, you might consider other options. Your patients demand easy accessibility, especially if they are trying to navigate your office while not feeling well. In the end, your location must reflect easy access and good exposure so that potential new patients can be attracted to your practice. In addition your location should be in close proximity to linkages connecting your practice to high density residential areas of potential patients who need and can afford your services.
Other factors to consider are available parking (medical use typically requires more than most professional offices due to many patients coming in and out and the need for care giver’s parking). Also, proximity to ancillary services and physicians might be a factor to consider. Furthermore, you image is everything. Patients want to feel comfortable and confident they are getting the best possible care. A mixed-use professional environment with modern architecture will give your patients the confidence that they have made the best choice.
These are just some items which should be considered in the deciding where to locate your medical office. Would you like more information? Please Contact Us Today!
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