Whether you’re moving your medical practice or starting a new one, you’re going to need enough space to smoothly operate. But what should you look for in a commercial medical space? Here are a few important aspects you should consider.
Your Needs
One of the first aspects to consider when you’re looking for a medical space are your needs. Assessing your needs allows you to narrow down your commercial real estate options. Referrals can be an important way to generate business and are responsible for 65% of business, according to the New York Times. Thus, considering your lead generation needs are important. For example, a medical office that already has a doctor in the location may serve as a gateway to driving more business if the doctor’s practice complements your medical practice, such as a general dentist and orthodontist. Also, consider what service you provide. For instance, if you are a physical therapist, it may be more advantageous to rent or buy medical facilities that have accommodated PT practices before. By evaluating your needs, you can know where to start.
Location and Capacity
The location and capacity of a commercial medical space can play a major role in your decision-making process. Will your practice benefit from foot traffic? Then you might focus your search on space in walkable retail corridors. Do you have many elderly patients or patients with disabilities? Perhaps a location with plenty of handicap parking would be better. Consider, too, how the building accommodates your needs. An office may offer the advantage of a quiet place to have counseling sessions with patients while a surgical suite may be appropriate for the ability to operate on patients immediately if required. Remember to ensure the facility has the capacity to accommodate your staff, equipment, and patients.
The Cost
When it comes down to it, the cost will be a factor. Once you’ve assessed your needs, create your budget and focus on searching for spaces that can house your medical practice within your desired price range. Don’t be intimidated by the selling price. Prices are often negotiable. All you have to do is present an offer and ask for what you want. Never assume that the listed price is the final price.
It’s also important to consider the upfront and ancillary costs that can come with running your medical practice in the medical facility you are considering. Running a dental office that requires large amounts of electricity in a two-story, 3,000-square-foot medical facility with an elevator will cost more than running an operation in a one-story, 1,000-square-foot suite due to the size of the location. The physical location can also make a difference in cost, too. For example, if you’re looking for a medical space for sale in Houston, expect prices to be higher the closer you are to the Houston medical center in comparison to properties with more suburban locations. Market conditions and expected occupancy period can affect cost, too. For example, leasing is seeing a steady increase as the economy continues to recover from the recession. Thus, buying a commercial property may fare better than renting it if your practice will remain at the location for an extended period.
Final Thoughts
Whether you’re looking for a medical space for lease in Houston or need to find commercial property for sale that can house your medical practice, it’s vital to consider your needs first to simplify your search. You can also leverage a professional team of real estate experts serving the Greater Houston area if you need assistance with determining your medical space needs. Given the large number of medical properties and transactions in our recent history, The J. Beard Real Estate Company is comprised of commercial real estate experts who understand the market you’re considering and the needs of medical practices. We can be a valuable resource for filtering through medical facilities to find the absolute best fit for you to carry out your operations. Complete our contact us form or call us at 281-367-2220 to schedule an appointment with one of our team members.