Why Should Medical Practices Hire A Commercial Real Estate Advisor?
9/16/2013 9:48 AM
Submitted by S.Laraby
Real estate occupancy costs are among the largest expense to any medical practice. It is important that when the decision regarding space is made, it is the perfect fit for the practice, both present and future. In the present, it is essential that the space accommodates those with special needs, as well as the specialized equipment of the facility. Because leases on medical spaces tend to be longer than typical office lease, it is also important that the space is able to meet the future needs of the practice as healthcare practices grow and evolve.
Lessors of medical buildings work in the best interest of the owner, not of the lessee, the practice that will be occupying the building. With all that is at stake, it is essential that practices employ the skills and experience of seasoned medical space leasing professionals to ensure the most optimal leasing terms and options. A good medical space advisor will act as the captain of the leasing effort; providing direction and insight while employing the skills and knowledge of the team to make the best selection possible for the medical practice.
A skilled advisor is able to:
· Identify and select alternative spaces listing the benefits and detriments of each
· Space planning
· Manage the request for proposal (RFP) process
· Analyze proposals
· Negotiate counter-offers
· Prepare letters of intent
· Negotiate the final lease
· Design and manage the build-out/ needed construction of the office
· Manage the transition and move-in process for the tenant
Hiring a seasoned commercial real estate advisor makes sense for most medical practices. By creating an atmosphere of competition between property owners, you can reduce occupancy costs. Your decision will significantly impact the profitability of your practice so be sure you are maximizing the value of your real estate interest.