At CARR, our clients receive industry-leading healthcare real estate resources and expertise, ensuring they maximize their profitability, protect their valuable time, avoid costly mistakes, and make the most informed decisions possible. We handle every aspect of the commercial real estate transaction, while providing unparalleled due diligence, research, and evaluation methods.
Our team of experts utilize the most accurate data and technology platforms available to perform demographic and competition mapping, site selection, negotiation strategy, lease analysis, purchase vs. lease comparisons, and much more.
Our clients receive unparalleled advice, education, and direction, so they can choose from the most ideal property options, locations, property types, transaction opportunities, and more. Partnering with CARR on your healthcare real estate market decisions gives you the confidence and peace of mind knowing that you are in the absolute best property for your requirement, needs, and budget – while receiving the most favorable terms possible.
An important aspect of positioning your practice for the highest level of success is identifying the best market, location, and property for your office. Knowing and understanding your surrounding demographics and the proximity to both your current and / or ideal patients, along with any notable competition, increases your potential to succeed at the highest level.
Influencing factors include accurate market data in the immediate vicinity of the potential location and property you are evaluating, along with economic drivers of income, spending habits, insurance, and more. Additionally, concepts such as traffic counts, projected growth, proximity to ancillary practices and referral sources, and other key items can assist in forecasting the strengths and weaknesses of each property in consideration for the short and long-term.
Detailed and accurate demographics provide healthcare practices with vital information that assist in the evaluation of opportunities by areas, cities, zip codes, and even down to a specific intersection. Market demographic data includes population, income, historical and projected growth, and other key factors broken down further by age, gender, home values, household incomes, types of housing, education, consumer spending, occupations, labor force, and much more. Demographics offer imperative data to help identify the most ideal locations and markets for your practice.
Competition mapping identifies the location and number of competing practices in a designated region or area. This data becomes the starting point for determining the opportunity to open a new practice, additional location, or to relocate an existing office to a specific area. Competition mapping lays a foundation to allow for a greater level of due diligence to subsequently occur in comparing the type and quality of the competing practice, number of providers and services offered, insurances accepted, new patient availability, and much more.
Patient mapping allows providers and administrators to see the proximity of their current patients to any potential trade-area, intersection, or specific property. If you are considering relocating your practice or adding an additional location or satellite office, understanding where your current patients live, work, and are coming from, along with where your target patients are located can provide you with the exact information you need to make the most informed decision possible for your practice.
CARR clients get access to valuable resources, including insurance payer data for your target or specific area. Our research provides you the intel you need to make crucial decisions regarding your practice’s site selection, pricing models, and more. This information will break out private vs public insurance ratios, as well as breakdown the top private insurance companies within your market.
Knowing the most ideal type of property and space your practice should occupy is as equally important as knowing where to locate your practice. Our market expertise includes detailed site selection evaluation of Retail, Office, Medical Office, and Hospital Campus locations and properties. We also consider the pros and cons of Stand-Alone vs. Multi-Tenant properties, existing properties vs. upcoming and new developments, retail marketplaces vs. office and business parks, and much more. We work in tandem with our clients to determine the most optimal square footage of space that factors in projected growth, without overcommitting to a size of space that exceeds each client’s unique budget or long-term plans.
Selecting the top properties that satisfy the highest number of your requirements is vital to a successful site selection process. At CARR, we ensure our clients understand all of the top properties that are available to them, while helping them to evaluate the most ideal opportunities.
Negotiating a healthcare real estate transaction goes way beyond simply asking for a lower lease rate or purchase price, along with higher amounts of concessions. To succeed in commercial real estate negotiations, you need a strategic plan of execution that starts with being fully educated on the designated market of consideration, along with knowing the top opportunities available to capitalize on.
Landlords and listing brokers negotiate professionally for a living, and they play to win. Landlords and sellers also approach every transaction with the objective of making as much money as they possibly can on every transaction. Healthcare providers are often easy prey for sophisticated and savvy property owners who see doctors and administrators as being highly educated in the medical field, but novices in the field of commercial real estate.
At CARR, we level the playing field for healthcare tenants and buyers in their commercial real estate lease and purchase transactions. We understand and protect healthcare providers from the specific tactics landlords use to intimidate and gain leverage over tenants. Our skilled negotiating means that we approach every transaction with a detailed strategy designed to ensure our clients capitalize on every transaction by receiving the most favorable terms possible.
Evaluating the pros and cons of multiple negotiated property offers is the key to understanding and fully considering your top options. The total cost of one lease opportunity compared to another involves factoring in and evaluating the entire cost of each transaction, not just the lease rate. Concepts such as how much money you may need to borrow to complete your space, while including interest and other costs, along with any other factors of comparing operating expenses, tenant improvement allowances, free rent packages, build out periods, annual increases, caps on operating expenses, base year resets, and much more – all play a factor into calculating and fully evaluating each of your top three or four property options.
At CARR, our detailed Lease Evaluation process ensures our clients truly understand the total cost and benefits of each property that is being considered, and can rely upon this information to make the most informed decision.
“Should I purchase or lease my medical office space?” is one of the most common questions that healthcare practices ask. Making the best decision on this topic requires expert review of a detailed purchase vs. lease comparison. This evaluation identifies the total cost of each transaction on a monthly and annual basis, as well as the overall cost of each transaction over a 10-year period and the life of any loan or mortgage.
This due-diligence compares the upfront cash investment into each of the purchase vs. lease opportunities, along with comparing the effective costs from a cashflow perspective on a monthly basis. The evaluation then factors in tax deductible items such as depreciation, mortgage interest, operating expenses, lease payments, and much more – with the goal of understanding the “effective” or “net” cost of owning vs. renting your healthcare office.
Further consideration includes comparing the long-term economic benefits of principal paydown, appreciation and more, against landlord concessions, flexibility, exit strategies, and other vital commercial real estate concepts.
At CARR, we help thousands of healthcare practices evaluate Purchase vs. Lease scenarios every year. We pride ourselves on positioning each client with the best opportunities available to them, and ensuring they fully understand the economic and business pros and cons of every purchase vs. lease transaction, which allows them to ultimately select the best property and transaction type for their practice.