If you’re exploring your options with medical office leasing, working with a commercial real estate professional is sure to make the process simpler. You won’t, however, want to pick just anybody. You will want certainty that your agent understands the medical office sector of the commercial real estate market, as well as the changing trends which are shaping it. Choosing an agent without this knowledge could land you in a space that won’t serve your long-term needs.
Why is the Right Agent So Important?
Leasing medical office space is a long-term commitment. In fact, medical office space leases run an average of 7-10 years, as opposed to the 3-5 year terms for traditional office space. You can see, then, why it is so imperative to work with an agent who truly understands the unique needs of a medical practice, particularly yours. They will know which questions to ask you to help them determine how much space your practice needs, what sort of specialty features your practice requires (lead walls to block x-ray exposure, plumbing within individual exam rooms, etc.), what the projected rate of growth is for your practice, and where you need to be located, among others.
What Will the Right Agent Help You to Accomplish?
When you pair up with the right commercial real estate agent, there’s no end to the benefits that you will receive as a tenant.
- Budget: A good agent will help you to determine whether or not the budget you have fleshed out for your space is realistic. They will remind you of additional associated costs that you may not have considered yet, so that you can begin your search on a solid foundation.
- Finding the Space: A skilled commercial real estate agent will find the properties that check off the most boxes when it comes to your practice needs. They will consider your budget, your desired location, the floor plan of available spaces, your practice’s projected growth, as well as any unique needs that have been discussed between you. They will have the right questions to ask so that you can be assured nothing has been forgotten.
- Tenant Improvements: Though your agent will do his/her best to find a space that meets all of your needs, the chances are high that some changes or improvements will need to be made to create your perfect space. A quality agent will view a space with an image of your business in mind. They will be able to envision how the space might be repurposed in simple ways to more fully meet your needs.
- Negotiations: Once you’ve chosen a space, your agent will work hard to secure a lease with your best interests in mind. Depending on what type of changes you will need to make to the space, they will push for a greater tenant improvement allowance. Medical office space redesign can be extremely costly, averaging anywhere from $50-$250 per square foot! A bigger build-out will also mean more time that your practice isn’t able to utilize the space, and your agent will consider that as well. Landlords are hiring their own agents to find doctors who will fill their medical office space, but remember that these agents have the landlord’s best interests in mind, not yours. Having adequate representation during the negotiation process is extremely important.
- Network: Once you’ve secured the lease on your new medical office space, your commercial real estate agent will offer you access to a wide network of tried and trusted industry professionals who can help you turn your vision into reality. Your agent has access to architects and designers who understand the changing medical model and are ready to help you create a thriving practice.
What Makes John Different?
With so many commercial real estate agents in the Tampa area, it’s important to understand what sets John apart from the rest. John’s extensive research in the areas of supply characteristics, demand drivers, market dynamics, trends, and portfolio strategy in the Tampa Bay area help his clients to secure a better understanding of the opportunities and risks they may face when making important decisions regarding their property. Pair this knowledge base with John’s pervasive understanding in the sector of professional and medical office space, his tenacious personality, commitment to his clients, and ability to utilize the breadth of the SVN brand to find quality buyers, and you are looking at a recipe for success. Success, to John, is defined as a sales agreement that is beneficial, simple, and ethical for both the seller and the buyer. He has made it his mission to constantly evolve and grow as the needs of the market do to ensure the he keeps a competitive edge and stands apart from his competition.
Your Medical Office Leasing Agent
If you are looking to lease medical office space in Tampa or the surrounding areas, contact John today at (813) 597-6600, or connect via the contact form below.