Choosing 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.
- 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.
- Improvements & Upgrades – It can be very costly to renovate a space to bring it up to code for a medical office use. Doctors from all over the Centennial State are looking for a medical office space in Colorado that can be modernized and equipped with the latest technology. 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.
- 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.
- 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.
- 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.