If you work in healthcare, you know there’s a vast array of different real estate options available depending on the needs of your medical practice. What kind of office space is best suited to your needs? If you’re looking to start a new practice, or need a new space for an existing office, check out this overview of some of the different options available for you to look into.
If you’re looking for more traditional office space, there are two options: traditional offices, or medical office buildings. We’ll explore both options below.
Traditional office spaces come with several benefits. They often have more windows and natural light and are generally cheaper than spaces designed specifically for healthcare. Additionally, since you usually share a landlord with several other tenants, you usually have good maintenance and janitorial services provided. Additionally, there are often shared spaces with other tenants, like conference spaces and lobbies.
Medical office buildings, on the other hand, only lease to healthcare tenants. This can be a great feature if your practice utilizes a lot of referrals. This can create a central, convenient location for your patients’ medical care if they can see different specialists in one location. There are also usually more janitorial services provided. As a trade-off to those things, medical office buildings are generally a bit more expensive than traditional office spaces.
Hospitals generally have spaces on their campus that can be leased by other healthcare providers, similar to a medical office building. This consequently adds some of the same benefits–a great opportunity for referrals and a convenient location for patients. Especially if your practice specialty might have a lot of surgery or complicated testing referrals, this can be a great option. However, it’s not a good fit for everyone, so discuss with your healthcare real estate agent to see if this might be a good option for you.
If visibility and exposure are some of your concerns, retail space may be a good option to consider. Retail space generally means your practice will be in front of a variety of diverse people thanks to the other tenants you share the space with. Patients may also love the benefit of having nearby restaurants and shopping options to enjoy around their appointments! This also means there should be plenty of parking available. This is often the most expensive option, but the exposure benefits can outweigh the cost.
With this basic overview in mind, talk to a local healthcare real estate agent and learn more about the options in your area that might meet your needs!