15 Factors To Consider Before Starting Your Leasing Journey

The items listed below are key considerations designed to help you focus your search and find the ideal medical office space for your business.

1. Lease Rate – Factoring in the per square foot costs of basic and additional rent, how much can you afford to pay?
2. Lease Term – Are you looking for a 3-5 year term or a 5-10 year term? Do you need options to renew?
3. Square Footage – In terms of the size of your premises, how much space is enough? Do you need room to grow?
4. Office Layout – Do you have an understanding of your design needs? How many exam rooms will you need? Will you require a large waiting room and reception area?
5. Custom Build-Out – Does your business require specialized equipment or fixturing? Will you have unique requirements related to plumbing or electrical systems?
6. Flexibility – If your business grows, is there availability in the building to expand your premises or relocate to a larger space? Does your lease provide for the ability to take on more space?
7. Building Location – Is the building convenient to get to for your patients and staff? Is it located in a high-traffic area? Is it important for your business success to have roadside visibility?
8. Hospital Proximity – Do you have need to set up your practice close to the hospital where you have privileges?
9. Tenant Mix – Do the current tenants in the building complement your practice, or will you face competition? Are there exclusivity agreements in place? Do the other tenants provide services that would allow for greater convenience to your patients (e.g. lab, pharmacy, specialists)?
10. Services and Amenities – What is the surrounding neighbourhood like? Are there restaurants, retail stores, and green space in close proximity? Do you value a building that feature on-site amenities such as a fitness centre or food services provider?
11. Curbside Appeal – What does the appearance of the building say about your business? Aesthetically, is it in line with the image you want to convey?
12. Parking – How much parking is available at the building? Is there adequate accessible parking? Is it paid parking for both tenants and visitors?
13. Advertising – What signage and advertising opportunities are in place at the building? How much exposure does your business need to succeed? What are the associated costs?
14. Property Management – Who is the landlord or property manager? What is their real-estate focus? If they are a commercial or retail manager, do they have the resources and experience to meet the needs of a medical or healthcare related tenancy?
15. Technology – Do you have advanced technology requirements? Does your business rely on access to high-speed internet?