Tennessee’s slogan proudly calls itself “America at its best.” Flanked by a section of the Appalachian Trail, the state boasts unparalleled natural beauty, with the U.S.’s most visited national park, the Great Smoky Mountains. Its rich history as the site of several Civil War battlefields, as well as the musical epicenter of country and rock, also speaks to the state’s cultural significance.
Today, Tennessee is the U.S.’s 16th most populous state, with an increasingly diversifying population. Traditionally, its major industries were agriculture, manufacturing, and tourism, but in recent years, Tennessee’s healthcare and automobile sectors have grown rapidly. This fast growth, combined with Tennessee’s low cost of living, has drawn many people to relocate from California, Florida, and the Northeast to major cities like Nashville, Memphis, Knoxville, and Chattanooga.
While Nashville often steals the spotlight as ”Music City USA,” Tennessee boasts other cities with just as much appeal. Memphis is home to not only Elvis Presley but also more than 60 tourist attractions and FedEx’s headquarters. Toward the opposite side of the state, Knoxville is known for its flourishing yet affordable city life, with a cost of living 18% below the nationalaverage.
For these reasons and many more, Tennessee is one of the Nation’s most desirable states for healthcare providers to practice.
The healthcare industry is booming in Tennessee; in fact, its largest city Nashville is considered the nation’s healthcare capital. Over 500 healthcare businesses have locations in Nashville, including the headquarters of 17 publicly traded companies. What’s more, the city’s thriving healthcare market contributes hundreds of thousands of jobs and billions of dollars to the local economy annually.
The flourishing healthcare industry is not confined to Nashville, however. The city’s healthcare firms have additional locations throughout the state— nearly 600 in Tennessee, as well as offices in 48 other states. Moreover, Tennessee is one of the U.S.’s top exporters of medical supplies and equipment.
In addition to healthcare providers, the state’s medical industry comprises pharmaceutical manufacturers, medical device companies, long-term care management, and insurance providers. Some familiar names include HCA Healthcare, Community Health Systems, United Healthcare, and Brookdale Senior Living.
This makes Tennessee an ideal state to invest, purchase, or lease healthcare real estate for your practice. However, doing so is easier said than done, especially for healthcare practitioners and medical professionals that lack formal commercial real estate training.
Fortunately, tenant representation services can help. With a real estate brokerage like CARR, you’ll have a team of qualified experts to help you navigate complex commercial real estate transactions. Our savvy tenant representatives will advocate solely on your behalf to secure the most equitable healthcare real estate solution for your specific needs.
Commercial real estate transactions require a significant amount of time and energy. Navigating a contract in and of itself takes hours and to even get to that point you should have already processed things like site selection, negotiations and much more, just to get to table where you are ready to sign a contract.
Before you begin to process a lease renewal, relocate, expand, etc., have you asked yourself:
- Do I know for certain I’ve achieved the best rates or concessions?
- I have the spent the time researching and exploring all viable options?
- Am I ready to spend 30 to 40 hours it takes to complete a typical transaction?
- Is my position to negotiate strong because of vetted alternatives or am I backed into a corner with only one option?
- Am I comfortable negotiating my own lease and do I know what deal points to pursue?
- Have I assembled the right team to finish my space?
- Am I aware of all the potential complications and pitfalls to avoid?
If the answer to any of these questions is no, then you need professional representation who can advocate for you while protecting your interests.
Our agents are fully represented throughout Tennessee; from Memphis to Nashville to Chattanooga, Knoxville and everywhere in between. Our brokers understand the unique requirements of healthcare real estate necessary to serve healthcare providers.