Choosing the right commercial real estate for your medical or dental practice involves understanding several key factors. This guide will cover the essential aspects of parking, visibility, accessibility, anchor tenants, and complementary practices to help you make informed decisions.
Exterior Factors: Parking, Visibility, and Accessibility
Parking
Parking is a critical factor for any practice. You need to consider the parking availability for your staff and patients. Most landlords do not grant exclusive parking spaces, so it’s essential to ensure the property has ample parking to accommodate your current needs and future growth. Evaluate the parking ratio and the demand that other tenants might place on shared parking lots, particularly in Medical Office Buildings and Retail Centers.
Visibility and Signage
Visibility and signage are among the most requested property features. They serve as built-in marketing tools and significantly impact patient awareness and brand recognition. Properties with strong visibility and signage usually come with a higher price tag due to their marketing benefits. While these features can be worth the added expense for some practices, those that rely heavily on referrals might not benefit as much from visibility and signage. Weigh the cost against the potential increase in patient flow and brand awareness.
Access
Easy access to your office is crucial for patient convenience. Consider the property’s proximity to major intersections and the ease of navigating to the parking lot. While GPS and mapping software can help patients find your office, challenging access points can deter new patients. Ensure the property offers straightforward and recognizable routes to enhance the patient experience.
Location Factors: Anchor Tenants and Complementary Practices
Anchor Tenants
Anchor tenants, such as grocery stores, warehouse clubs, and large retailers, drive significant foot traffic and attract other businesses to the area. Being located near an anchor tenant can increase the number of potential patients visiting your practice. Smaller but high-traffic businesses, like prominent coffee shops or restaurants, can also serve as effective anchor tenants.
Complementary Healthcare Providers
Being in close proximity to complementary healthcare providers can greatly benefit your practice. For instance, a Pediatric Dentist located near a Pediatric Physician can see a significant increase in patient referrals. Seek out buildings or campuses where you can be surrounded by other healthcare providers that offer complementary services, creating opportunities for mutual referrals.
Balancing Costs and Benefits
Each property comes with its own set of pros and cons. The most attractive spaces might be expensive or have challenging parking situations. High-traffic centers can have competitive parking, while competitively priced properties might lack visibility or signage. It is important to evaluate all property options thoroughly and consider how each factor impacts your practice’s profitability.
Hiring professional representation can help you compare multiple spaces, landlords, and offers, ensuring you make the best decision for your practice. Real estate decisions significantly affect your practice’s long-term success, so take the time to understand all your options and negotiate effectively.