Many healthcare professionals desire to own their office space. However, it can often be difficult to find an existing building small enough or priced competitively enough when only a few thousand square feet are needed. Unlike residential real estate, building a few thousand square foot commercial building can be very challenging and cost prohibitive depending on the city or jurisdiction. This is one of many reasons office condos can be a great investment opportunity for healthcare professionals to consider. Let’s look at three advantages that make office condos a desirable option for ownership:
Part 1: Smaller Size Options
The number one reason healthcare providers consider purchasing an office condo is to obtain a smaller space that fits their needs, that otherwise would only be available to lease. When looking for a property or building to purchase, finding a smaller space that is only a few thousand square feet is very rare. Even more rare is finding a small building that is available for sale instead of for lease.
The alternative of trying to develop your own small building is equally challenging. It’s often difficult to locate a commercial lot that is not too large or too expensive when you only intend to develop a relatively small space. Additionally, several challenges arise with new construction, such as complex hearings, zoning issues and longer development timelines that can easily span up to 18 months or more to complete. Simply put, new construction can often be challenging when you only need a few thousand square feet.
There are times when you can find a stand-alone building, multi-tenant building or ground-up construction project that does fit your smaller space requirements at a great price. In those situations, use your healthcare-specific real estate agent to fully evaluate all your opportunities and be prepared to capitalize if you can find the diamond in the rough. But for healthcare providers that only need a few thousand square feet, office condos are an excellent option. Whether the project was originally developed as an office condo or is an office building or retail property that was later converted to a condo project, most office condos offer smaller footprints and more competitively priced options for healthcare providers.
Office condos make a great choice for healthcare providers who are looking for the ability to own their space and want to avoid the time-consuming and expensive new construction process. The majority of office condos can be purchased and built out with healthcare specific finishes just as quickly as you could obtain and build out a leased space.
CARR Healthcare is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first. carr.us
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