So, you’ve found the ideal location for your new medical office— congratulations! However, before you decide to lease the property, there are certain preliminary measures you need to take to ensure you clinch the best deal possible.
Here are five simple steps that you can use to negotiate your medical office space lease and execute a successful transaction:
Step 1: Make sure the usable space meets your needs.
The unit lease price of office spaces is almost always calculated by the square foot. This factor highlights the importance of considering the unit’s usable space in your negotiations. If, for example, your landlord is charging $5 per square foot of a 2,000-square-foot facility, the rate would be $10,000. What if you only have 1,500 feet of usable space? In that case, you may be able to negotiate a lower price, around $7,500.
Step 2: Be sure your landlord provides an option to renew in writing.
The last thing you want is to have a “standard lease” agreement that allows your landlord to increase the rate of your space when your lease expires. You can avoid this by negotiating a renewable lease upfront, which establishes the rent for a certain amount of time yet allows for negotiation of the lease after an allotted period of time.
Step 3: Do consider that brokers’ and real estate agents’ salaries are commission-based.
Commissions for commercial real estate are based on a percentage of the final lease price. Naturally, the higher the final lease price, the greater fee for your broker or agent. While they can negotiate a lower lease price for your benefit, it is in their interest to set a threshold at which they will achieve the best profitability. It pays to include this dynamic in the equation.
Step 4: Arrange a commercial inspection of the property.
Medical offices require a sterile environment. A professional commercial property inspection is therefore necessary. It also serves as a good bargaining chip in negotiating your lease.
Also, if your inspection finds a structural problem with the unit or building, you’d be in a better position to negotiate a tenant improvement allowance.
Step 5: Hire a leasing attorney to review the contract.
Let a lawyer thoroughly check the lease agreement for any loopholes that may allow your landlord to get out of the contract and rent to a tenant willing to pay more for the lease.
Collier County Medical Office For Lease
If you want to establish your medical practice in Naples, Florida, consider leasing space at the brand new Executive Medical Center. Among other great advantages, the Executive Medical Center includes a diverse roster of healthcare professionals as tenants, offering your practice a source of quick and easy referrals for patients in need of supplemental care.
To learn more about our exceptional leasing opportunities and how your medical practice can thrive as a tenant at the Executive Medical Center, call the AJS Realty Group in Naples, Florida at (239) 313-3416 or email hamish@ajsrealtygroup.com. We look forward to meeting with you!
