Many successful practices outgrow their current space and experience the need for expansion. Often, the best option might be to negotiate and expand into an adjacent space as opposed to relocating to a new property.
That said, there are many factors you need to consider. Growing practices often ask these questions:
- How do I obtain more space for my thriving practice?
- How can I grow and expand if don’t want to relocate?
- What’s the best strategy to increase profitability?
In order to answer these questions, it’s essential to understand the market in your area, as well as how far your patients will go to see you. You also want to work with someone who understands the ins and outs of real estate development timelines.
The truth is, this period can represent a crucial moment for practices: it’s easy to lose momentum during a move or during construction if you are handling the real estate on your own, which is the last thing you want during an expansion.
That’s why you want to make sure you have a clear plan in place and that you’re backed by healthcare real estate experts. At CARR, we specialize in helping healthcare providers determine whether to expand their current space or relocate to a larger facility.
Our detailed analysis includes medical office lease vs. purchase evaluations, the pros and cons of an expansion vs. relocation, timeline, and execution strategy. We’ll help you make decisions that maximize profitability and allow you to provide the highest level of patient care.
Wondering how you can expand your practice while serving your current patients? CARR agents have the expertise you need. Request a free evaluation to get started!