Why You Should Enlist the Help of a Broker to Find Your New Medical Space, Tips From An Insider
The commercial real estate business can seem intimidating, particularly for those who aren’t as experienced in the ins and outs of the industry.
Evan Lewitt, Commercial Healthcare Broker with CBRE
Doctors face more obstacles in closing a lease than your average commercial tenant. Between additional parking considerations, compliance with the Americans with Disabilities Act and beyond, there is a lot at stake when picking the right commercial space for your unique practice.
We spoke with Evan Lewitt of CBRE about the benefit of working with a broker to find the right home for your new practice.
Here is what you can gain with the help of a broker:
First of All, It’s Free
This could very well be the strongest argument for getting a broker. It’s free for the person or group seeking the space, as the landlord wants to get vacancies filled ASAP. Landlords are happy to get bodies in the building, and they pay the broker to make this happen. This interaction allows access to buildings that physicians may not have found on their own.
They’ll Help with the Logistics
Things like zoning and figuring out if you’re eligible to practice in a particular area are key elements that need to be weighed heavily when you’re thinking of opening up a new practice. Aside from the fact that a broker can make calls on your behalf and help find a location that meets your needs, they’ll help you track down a practice where, most importantly, you’ll be able to use your medical license.
Lewitt says brokers commonly deal with the city and understand that the needs of a therapist will be different than those of a plastic surgeon or a general practitioner.
You don’t want to get stuck in a lease that doesn’t allow you to practice your craft. A broker will ensure this does not happen. Aside from lease terms, here is a quick rundown on some of the things you’ll need to consider before the great hunt begins:
- Patient and Staff Accessibility — Your new office space will need to be easily accessible for both patients and staff. Additionally, you’ll need to keep in mind that elderly visitors or those with serious illnesses have easy access to entrances, as well as mobility while inside the location. We’re talking elevators, wheelchair ramps and more.
- Americans with Disabilities Act Compliance — Medical accessibility requirements are very strict, and anyone seeking to open a new practice needs to understand the full scope of the act. Brokers specializing in the area of medical practice can help you navigate the stipulations of the ADA and work with the landlord in regards to installing ramps or other amenities required by the law.
- Parking — Parking is essential for medical offices, and in most cases, you’ll need more space per square foot rented than a traditional commercial tenant. The office should either have a drop off location or a nearby dedicated parking lot.
- Biohazard Waste — In some cases, medical practices may have some difficulty in obtaining a space due to the presence of the inevitable hazardous bio-waste generated by any type of medical practice. Landlords may at first take issue with the expenses and upgrades needed for safe waste disposal and this may play heavily into negotiations.
They’ll Help You Get a Good Deal
Because the landlord relies on the broker to fill up a big, multi-unit space, there’s some wiggle room at the negotiation table. Lewitt says the landlord may be able to negotiate lower rent or push for changes, such as new paint in the space, larger parking spaces and much more.
There’s a lot to gain by working with a broker if you’re trying to find a new home for your medical practice. While benefits include potential cost savings, it’s also makes starting your practice much more convenient. Searching for the right home for your new practice can be a daunting task, as it’s hard to find the time to look for the perfect location while trying to negotiate the terms of the lease, zoning, licensing and all the little things that don’t immediately come to mind.
Taking advantage of the resources available to you through a broker can help in your search to find your ideal office space at an affordable rate.
Click here to contact Evan Lewitt
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