Leasing Medical Office Space

Why use a commercial real estate advisor (broker) to represent you?

A broker representing your interests is often able to negotiate a much more favorable deal than you could achieve on your own. This person will also have knowledge of market rates and recommended contractors, which can be invaluable. In a lease situation, the landlord usually pays the broker fee or it is amortized into the lease…

For example, a medical practice in Olathe, Kan., worked with its broker to negotiate a six-year lease and, as a result, received six months of free rent. The deal was sweetened even further by including a $50 per square foot tenant improvement allowance with an operating stop covering the practice from any pass-through expenses for the next four years!

from American Academy of Family Physicians, 2010

aafp

When leasing medical office space, we can advise you in the following areas:

  • Renewing your office lease (lease negotiation)
  • Relocating your office space (lease negotiation)
  • Subleasing office space
  • Expanding your office space

Client case study

Advanced Dermatology“Stan and Voelkel Commercial Advisors helped us save $700,000 over our first lease option. Prior to hiring Stan, we had picked a building. Stan came up with great alternatives, negotiated successful lease terms and worked with our architect and contractor until we moved into the new space. Stan is our agent moving forward.”

Practices like Advanced Dermatology and Post Oak Dental have worked with us when leasing medical offices space. Read their testimonials: Voelkel Commercial Advisors Testimonials.

Tenant Representation Process Overview

Phase I: Conduct Strategic Business Evaluation

Step 1: Conduct a Strategic Business Evaluation
Step 2: Analyze the tenant’s current lease

Phase II: Discovery of the Tenant’s Space Requirements

Step 3: Analyze the tenant’s current space
Step 4: Define the tenant’s future space requirements (1yr, 3yr, 5yr, 7yr or 10yr)

Phase III: Research Market Conditions and Locate Properties

Step 5: Research market conditions and trends
Step 6: Search for suitable properties
Step 7: Organize onsite property tours

Phase IV: Narrow the Available Options

Step 8: Request for proposals
Step 9: Analyze and compare the properties
Step 10: Submit a Letter of Intent

Phase V: Finalize the Process

Step 11: Negotiate the lease and execute

What else do we do?

(Pre-lease & Post-Lease Execution Activities)

Coordinate and facilitate interviews/selection with Key Players (Vendors):

  • Real Estate Attorney’s review of Letter of Intent & Lease Document
  • Architect (if necessary)
  • Furniture Vendors (if necessary)
  • Move Coordinator (if necessary)
  • Construction Contractors and Construction Project Managers (if necessary)

How we can help you lease medical office space? Reach out with questions. We’re here to help.

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