5 Keys to Getting the BEST Deal on Your Next Office Lease

Saving Money on your office leaseIt goes without saying that everyone wants to get the best possible deal when they lease office space. There is a definite process that is followed when searching and negotiating for office space. Here are the five most important keys to getting the best deal on your next office lease.

  1. While it may seem self-serving coming from a us, the most important key to getting the best deal on your next office lease is to engage the services an office tenant rep expert, like the ones we have at OfficeFinder, on your side. Find a tenant representative who is experienced and knowledgeable in the market in which you are searching for office space and has a track record of done deals. It won’t cost you anything and it won’t increase your  rent. Their cost is already built into the Landlord’s marketing budget.
    Questions to ask a tenant rep
  2. Have a clear understanding as to what you are looking to find. Define your goals and prioritize them before you start looking for office space. Discussing your office requirements with your top employees is crucial to ensure that you are all on the same page. The last thing you want to see happen when relocating is to alienate your key employees and risk losing them.
    Office Planning Checklist   Office Space Calculator   Office Space Allocations
  3. Allow enough time to get through the process. Depending upon the amount of space you are looking for, you should allow between 6 and 18 months from the time you start the process to the time you take occupancy of your new office space. The last thing you want to have happen is to run into a time crunch that affects your negotiation capabilities.
    Office leasing process and timeline.
  4. Do a thorough survey of available properties that not only meet your goals, but also properties that are close to meeting your goals. Once you have identified the alternatives, you can then make a short list of properties that you want to visit. There are a number of resources you can use in researching available properties. Many brokers have their own proprietary databases that are more accurate and up-to-date than the online listing sites such as LoopNet and all of their subsidiaries (Costar, CityFeet and Showcase). This can be much more difficult than you might think, not to mention time-consuming. Studies have shown that only about 50% of inquiries from online listing sites actually get a response. In addition, many of the online listing sites don’t actually connect you with the listing agent, but rather an agent that pays them a fee for leads.
    Office Space Listing Website Tips
  5. Finally, research the deals that have been made in the locales of the office properties you have shortlisted and find out which buildings in the market is making the best deals. One of the worst ways to do this is to ask other tenants in the area, unless you really know them well, about the deals that they made. It’s amazing the information they will leave out wanting it to appear that they made the deal of the year. The best way to get this information is to talk with brokers who have done deals in the areas in which you are interested. Unfortunately, if you are not working with a tenant rep, this will be nearly impossible. After all, a broker’s added value is the information they have and they don’t usually give it away for free.
    The other alternative to getting this information is to put out several requests for proposals (RFPs) on several of the properties you are interested in. This will give you a general idea of starting points for landlords. From there you’ll need to simultaneously negotiate the proposals to see how far you can go.

Prioritizing these five keys will ensure that you do get the best possible deal on your office lease. You can do it on your own if you are willing to put time into the process. It will take a lot of your time to get through the process and get the best possible deal. If you are willing to settle on an office lease that you can live with, you can take shortcuts, but you will be leaving money on the table. This leads us back to the first key of engaging the services of a qualified office tenant rep so you can concentrate on your business while they do the time-consuming work. It will ensure that you not only find the right space but also get the best possible deal on your next office lease.

OfficeFinder Office Tenant Rep Directory

Find Office Space

Buy vs. Lease Medical Office Space?

Buy or lease medical office space DecsionDeciding whether to purchase or lease medical office space is a big decision. To help you, below are a few of the advantages offered by both purchasing or leasing medical office space.

Leasing Advantages

  • A lease requires less capital investment than buying. This can be a big advantage to new practices trying to get established.
  • The terms of a lease can offer flexibility that buying cannot. For example if you are unsure about an area, a lease can allow you to try out your practice at that location before investing in buying medical office space.
  • If you lease medical office space, it can help get you get a more attractive office or location. If you think a great location is out of your price range, a lease might make you reconsider this assumption.
  • You can lock in your rate. After all the whole point of a lease is to agree to pay a set fee to use a space for the duration of the lease terms. So if you find a hot up and coming location, you can get a good rate before rents rise any further.

Purchasing Advantages

  • You have more long term control over office space costs. If you buy in a down market or before an area becomes popular, you can find yourself with an office space that is worth more than you paid.
  • There are tax incentives for buying. Although they are not as good as they used to be, they can still be significant enough to matter when it comes to the costs at your practice.
  • There are situations where you might want an office space in a specific location but there are no spaces available for rent. In this case purchase might be the only option other than finding a different location.
  • If your practice grows, it can be easier to make renovations or changes if you own your space. If you lease a space than any changes that are made must be approved by the owner. Also when you own your space you are more likely to make those same renovations because you are investing in something that is truly yours instead of someone else’s property.

Whether you want to buy lease medical office space, OfficeFinder has helped many medical practices find the office space that is ideal for them, Contact us and let us get started finding the perfect office for you.

More on Lease vs Buy

OfficeFinder Office Tenant Rep Directory

Find Medical Office Space

5 Ways a Medical Office Rental Could Improve Your Practice

Medical bagWhat is almost as important as a building’s amenities and good neighbors? When you are ready to look at a medical office rental, there are some obvious pitfalls to avoid. That said, there are also plenty of advantages you can find even in buildings where no other physicians have set up shop yet.

  1. The right location. The American Academy of Family Physicians reminds those tasked with the search for a medical office rental that patients have listed a “convenient location” as being among the top five search criteria when choosing a primary care physician. Having retail locations and pharmacies nearby is a plus. Having numerous other primary care physicians close by is a distinct minus. In addition, did you know that having a hospital close at hand may be a boon for the physician in the office but that patients generally do not like this type of location?
  2. Plenty of parking. As a general rule of thumb, look for office rentals that allot you six parking spaces for every 1,000 square feet of rented office space. While you can make do with fewer spaces, remember that your practice will lose patients who have to walk too far to reach your location.
  3. Exclusivity clause. If you are thinking of relocating a successful practice, you may be able to negotiate an exclusivity clause with the building owner. This clause ensures that for a predefined period of time you are going to be the only primary care physician with an office in the building. Having this type of clause allows your practice to firmly take root at the now location before the competition moves in.
  4. Services provided by the landlord. X-ray machines use quite a bit of electricity. ENTtoday notes that some landlords agree to furnish your office with electricity even if you have some high-use machines in daily use. Others will ask for a separate agreement that requires you to pay for excessive use of electricity. The more services the landlord provides, the more money you can free up to improve the office space and grow your patient base.
  5. Improvement allowance. Setting up a medical office in a general office space calls for a few improvements. The majority of landlords offer tenants an allowance per square foot. While these funds will not cover all of the improvements you make to the space, they will help you stretch your practice budget.

The expert tenant representatives at OfficeFinder know that the right medical office rental can mean the difference between a thriving and a struggling medical practice. Contact us today to discuss your office needs and to find out how we can assist you with finding the right property and negotiating a great lease.

OfficeFinder Office Tenant Rep Directory

Find Medical Office Space

Five Tips For Finding The Best Location For Your Medical Office Space

Drs Desk in Medical office spaceOne of the most important aspects of operating any successful business is choosing the right location and this also applies to health care practitioners with medical office space. Things like adequate interior space and parking are a given, but those are not the only criteria that should be considered. Whether you’re a physician that is looking for a new medical office space or you’re starting a new practice, here are five things that you should take into consideration when it comes to finding the right location for your medical practice.

  1. Demographics – Who is your client? Take into consideration what the demographics of the bulk of your practice is, or will be. If your practice specialty is of an elective or cosmetic nature, for example, it might be more advantageous to locate in a white collar neighborhood. However, this is not necessarily a fail-proof method and careful research into the needs of the community is highly advised.
  2. Curb Appeal – The exterior of the building is just as important as the interior when it comes to the way it is perceived. Patients are going to feel much more comfortable going to a health care provider that is located in a well-kept, well-lit building. By the same token, signage that is easy to read from the street is also extremely important. Your office should stand out from neighboring buildings and businesses.
  3. Traffic Patterns – This is an often overlooked aspect of location, but it is very important. Find out just how many vehicles travel down the road you intend to have your office on. The more traffic there is, the better. Locations that are within a five-mile radius of major thoroughfares and close to popular retail outlets, grocery stores and banks are ideal.
  4. Partner Businesses – Laboratories, pharmacies, hospitals, even other medical specialists that are in the same general area are likely to be your closest allies. Not only will being in close proximity make it easier for you to partner up with these professionals, but it will also benefit your patients.
  5. The Competition – Moving into a location where there are several other practices in the same field may not be the best idea. The last thing that you want is for your patients to mistake the doctor across the hall or down the street for your office. Take some time and do a little research about the existing health care offices in the area before you decide to move into a neighborhood.

Whether you rent or purchase a medical office, these five criteria are a start that will help you to narrow down the selection to the most appropriate space for you. Contact us if you have questions, or if you would like some assistance. Our experienced, professional pros will guide you through the process of making this important decision.

OfficeFinder Office Tenant Rep Directory

Find Medical Office Space

7 Medical Office Space Design Tips That Can Improve Patient Satisfaction

medical office waitng roomTo us, the benefits of medical office space design are obvious. But then they should be; it’s our business. So we’ll take a moment or two to explain just how this product can benefit you.

One might be forgiven for thinking that medical office space design consists merely of aesthetics tangential to the success of a practice. Nothing could be further from the truth. Patient satisfaction can be enhanced when some thought is put into the design of the office space. These are just some of the factors to take into consideration.

  1. A good waiting room should make the patients feel especially comforted, as in a hotel lobby.
  2. The size of the room should be determined by the number of patients you expect and how long they will be kept waiting. Patient flow is important.
  3. The furniture should be accommodating to your particular clientele. In America, people don’t like to share, so couches will take up valuable space. Armless chairs should be available for the pregnant and disabled.
  4. Choose decor carefully. Colors should be natural and cheerful while accoutrements such as carpeting and drapes should absorb sound.
  5. Lighting can also be used to your advantage. It should be diffuse yet bright enough to facilitate reading.
  6. The exam room should have the optimum amount of privacy. Thus the door should swing inward. It should also have separate dressing area to protect the modesty of the patients.
  7. The exam table should be adjustable for practicality and patient comfort. It should be placed on the diagonal so as to offer access to both sides of the patient.

See the article on Efficient Office Design for a Successful Practice for more on this topic.

Please contact us to talk more about design, or anything else medical office related.

OfficeFinder Office Tenant Rep Directory

Find Office Space