Monthly Archives: November 2014

Medical Office Space For Rent: Five Things To Consider Before Signing A Lease

Medical Office SpaceChoosing the right medical office space for rent involves more than choosing a normal office or retail space. A medical practice will generally rent the same space for as long as a decade rather than a year or two. Five things that doctors must consider for their office space include; rental rates, improvements, location, parking as well as security.

  1. Rental Costs – The longevity of your practice may well depend upon your ability to minimize your expenses. Think beyond the monthly or annual rental rates. Physicians looking for medical office space must also consider other expenses such as utilities, taxes, insurance, and maintenance. Since medical leases are generally between seven and ten years, it can be advantageous to negotiate a lower lease payment to help offset the additional costs.
  2. Improvements & Upgrades – It can be very costly to renovate a space to bring it up to code for a medical office use. It’s common to have to upgrade electrical, plumbing and mechanical systems to meet demand. You’ll also have to comply with ADA rules with regards to handicap accessibility both inside and outside the building. Although some owners may be willing to upgrade the space for you, it may be left up to you to manage this process.
  3. Location, Location, Location – As with all real estate, location of the space is extremely important. If your patients cannot find your office easily, it can have a major impact on whether or not they choose to continue using your service. Close proximity to a hospital, laboratory facility, pharmacy and rehabilitation facility can also be extremely important. Chances are, you’ll be referring patients to those locations and, again, they must be convenient.
  4. Parking – Adequate parking for your patients, and most importantly, handicap parking must be available. If your office will be located in a building that is shared with other businesses, it’s important to have designated areas for your patients to park. You don’t want your patients walking across a busy street or parking off-site so be sure that there is more than adequate parking on-site and close to the building.
  5. Security – Medical offices hold many expensive pieces of equipment, computers and drugs and they can easily be targeted by thieves. Although you may have locks in place to keep people out, it’s also important to have an alarm system installed. Some buildings already have a central system and it may be possible to tie your office into it. You may also want to consider having a security guard on duty. Patients and employees alike will feel safer and more secure knowing that these systems are in place.

Finding the right medical office space for rent is one of the biggest decisions that you can make. Get it right and you’ll benefit your patients, the community and yourself for years to come. If you have questions or would like to learn more, contact us. We’ll be more than happy to help you find the perfect home for your medical practice.

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Office Space in Milwaukee

Available Milwaukee office space

Office Space in Milwaukee , Wisconsin is going through a major office building shakeup at the moment. A number of major office buildings in the downtown core have recently sold or are in the process of being sold. Wisconsin Avenue, the main street of Milwaukee is at the center of the change. The increase of office building activity on Wisconsin Avenue is part of warming of the national real estate market, with a special Milwaukee slant. Over the last 18 months a lot of investment capital has entered the commercial real estate market.

In announcing the $74.3 million dollar purchase of the 30 story 411 East Wisconsin Avenue building, the new buyers, Riverview Realty confirmed that it will make an additional $18.5 million worth of improvements in order to improve the current 24% vacancy rate in the building. The building was assess-valued at nearly $90 million dollars.

Several other buildings with high vacancy rates have also recently sold. These include The First Financial Center at 700 N. Water Street which was less than one-third occupied at the time of the sale. The Chase Tower at 111 E. Wisconsin Avenue is currently for sale. The assessed value of the building is currently at $22 million, but it was originally purchased for $46 million dollars in 2006. The building is currently 84% leased. The iconic art deco inspired Gas Light Building at 626 Wisconsin Avenue is also for sale. That building is 87% occupied. The 250 Plaza building is being sold as well.

The vacancy rate in downtown Milwaukee office buildings is improving from a high of close to 20% at the end of last year to around 18% now.

The average office space rental is between $15 and $26 per square foot in Milwaukee, based on a quick survey of available rentals.

The Milwaukee area has a population of over two million people. It’s strategically located close to the geographic center of the United States, on the Western shore of Lake Michigan. The city’s centralized location gives it some important business advantages. Great Milwaukee office spaces are currently available at good rates because of the current resurgence in real estate investment in the core of the city. Please contact us for the latest information.

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Special Requirements for Medical Office Space

Medical office spaceThere are two sides to the search for medical office space. One side is the business side, the other the technical, health and safety side. Because of the special nature of medical practice and high cost of tenant improvements, medical professionals don’t typically locate in new buildings, but look for established locations. Medical practices need to revise most space to meet their special needs. So medical practitioners tend to sign longer leases than other office tenants.

Clearly, a medical office is a business office. In many ways the practice of medicine in the United States is a retail business. As such the location of the office is subject to retail business considerations of cost, location and accessibility.

  • The cost to build out medical office space is much higher than that of conventional office space. Ten year office leases are the norm when it comes to medical office space, rather than the exception, in order to allow for enough time to amortize the tenant improvements.
  • A medical office has to be in a convenient location, one that is accessible to patients.
  • Most medical offices are located in special locations within retail settings, or in particular buildings widely known to be medical centers.
  • There are also marketing considerations. New medical offices may want to be visible to new potential patients, even locating in small shopping centers.

Medical office space should be structured with some special accommodations that set medical practice apart from ordinary retail business. Medical offices have to organized to meet the health and safety requirements of the Occupational Health and Safety Administration. Medical tenants use hazardous materials and generate biological hazards. The medical equipment like X-ray machines generate radiation hazards in some offices. Accommodation for these special needs have to be part of the lease agreement. Medical offices also have to comply with considerations set out in the Americans with Disabilities Act. The space may need special access for disabled patients, wheelchair ramps and special doors. They may also need access beyond normal building hours, sometimes 24 hours. This extraordinary access may affect utility usage and has to arranged in the lease. Health care providers usually have to limit the landlord’s access to examining rooms and files to protect patient privacy.

Most medical practitioners want the provisions in their lease to prevent the landlord from renting office space within the building to any practitioner with the same practice specialty. In the case of sole practitioners, many want provisions in the lease to allow cancellation of the lease if the physician is unable to practice because of death or disability. Furthermore, constructing the ideal specialized space for medical practice often involves extensive space renovation and plumbing modification. These needed renovations often significantly increase the cost of space.

Finding space for health care practice is almost always especially demanding. Knowledge of the local real estate community can be an important asset. Please contact us to learn more.

 

Photo Copyright: michaelnivelet / 123RF Stock Photo

A Helping Hand in Finding Great Orange County Office Space

Have you recently thought about relocating or growing your business in the Orange County area? Don’t have the contacts or know how to go about finding Orange County office space  successfully? A huge part in relocating or expanding your business, big or small, is moving your company to a larger, more efficient or more convenient office space. OfficeFinder has the expertise to assist you in your endeavor, by providing office space leasing and sales professionals.  Our FREE, web based search, provides easy access to whatever your business needs. From larger, long term office spaces, to smaller executive suites that you may need in the short term, OfficeFinder will represent you well in finding a great Orange County office space.

Orange County Office Space Market Stats

Orange County offers some excellent opportunities to be close to the hustle and bustle of LA, without the immense traffic jams and overcrowded feel.  Orange County incorporates many different cities that have great business location opportunities, with an average vacancy rate of around 17% and average rental rates are in the mid $20 per square foot annually range. There are  over 100 million square feet of office space located throughout Orange county. So, there are lots of options from which to choose.

Orange County Economy

The economy in Orange county is doing well. Unemployment is below the California average of 7.4% falling to 5.1% in September. Falling Unemployment rates lead to more office occupancy and there is a trend toward higher rental rates over the past year and a half as the unemployment rate continues to fall.

OC Unenployment

State of California EMPLOYMENT DEVELOPMENT DEPARTMENT

Finding Orange County Office Space

OfficeFinder provides peace of mind, as being represented by our professionals will put you and your business in the office space you need, without having the hassle of trying to find the right property at the right price, by yourself.  We do all the work for you, whether you need a large space in Irvine, or a smaller suite in Newport Beach.  In three easy steps on our website, you will be able to sit back and relax as we use our extensive network to find the best fit for you and your company. We also provide a great way for you to save money by first searching for these properties at no cost to you.  Then, using our workspace saving technologies, we find the space that you need, for the type of business you have with our great office space design knowledge.

Orange County has immense office space opportunities that could be missed without the proper support. So whether you’re buying, renting or leasing, expand your business more confidently by using a professional rep from OfficeFinder.  Again, our services are at no charge to you and we will put you in the space that your company needs, rather than paying for something that is too big or too small.

Place your company in the helpful hands of OfficeFinder by going to our website or you can contact us here.  Before you know it, you ‘ll be in the Orange County office space of your dreams.

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