Did you know that there are only approximately 4,000 hospitals in the United States? This number proves to be sufficient due to the high level of medical care that hospitals provide to patients.
However, there are trends in medical office space that professionals need to be aware of so that they can adapt to them. We’ve put together a brief guide full of key information. Let’s take a look at everything you need to know.
Leasing Commercial Office Space Is Becoming More Common
This is primarily because it can be more cost-effective than owning the space outright. Additionally, leasing gives practices the flexibility to move if their needs change. Those who work at small clinics or practices should keep this in mind when moving forward, as it can be difficult to secure financing to outright purchase a facility.
Medical office space leasing also comes with a notable amount of flexibility compared to buying. Although you do not build equity in the property, you can relocate whenever you want.
In some cases, you may even be able to find a better leasing opportunity nearby that you can take advantage of.
People Are Relocating to New Communities
Due to the rising cost of housing across the country, many people are being forced to relocate to more cost-effective areas.
This is often the case for families with young children. They may be priced out of their current community and need to find a more affordable place to live. This can have an impact on medical offices because it means that patients may be traveling further distances to see their doctor.
Additionally, it can be difficult to attract new patients if they do not live nearby. This is something that practices will need to keep in mind when considering their location.
It’s also worth considering that facilities that were used to accommodate small communities may now have to deal with a much larger number of patients.
There Is an Aging Population
As the baby boomer generation continues to age, there is an increased demand for medical care. This means that more people are going to be visiting their doctor on a regular basis. Additionally, this population is more likely to require specialized care.
This can put a strain on medical offices, as they may need to hire more staff or expand their facilities. These offices may also be required to invest in new or additional equipment. Additionally, this trend is expected to continue in the future, so it’s important to be prepared.
Technology Is Changing the Way That Medical Care Is Delivered
The rise of telemedicine has made it possible for patients to receive care from their doctors without having to leave their homes. This convenience is becoming more and more popular as people are leading busier lives.
It’s often more affordable than in-person visits. Many insurance companies are beginning to cover telemedicine appointments, likely increasing its popularity even further.
Medical offices need to be prepared for these changes by investing in the necessary technology. They will also need to train their staff on how to use it properly.
How Do I Find the Right Office Space?
The best way to find the right office space is to work with a licensed commercial real estate broker. They will be familiar with the market and can help you find a space that meets your needs. They will also provide you with information on lease rates and availability.
Working with a broker also gives you the opportunity to negotiate a better deal on your lease. Under some circumstances, this could save you thousands of dollars. You will also likely experience much more favorable terms when it comes to what you can and cannot do with the property.
What Should I Look for in a Brokerage?
When looking for a brokerage, it’s essential to find one that is experienced and has a good reputation. It should come as no surprise that you need to look for a licensed commercial real estate broker that specializes in representing tenants in their search for medical office space.
This will ensure that they have the knowledge and resources to help you find the right space. A licensed commercial real estate broker will provide you with a list of references from previous clients.
This will give you an idea of what it’s like to work with an experienced medical office leasing commercial real estate broker. Finally, you should ensure that you are comfortable with the broker and that they can answer any questions you may have.
It’s worth noting that you should take a look at what past clients have had to say about working with the brokerage. This will give you insight into what you can expect once you hire them. Keep in mind that reviews that are overly negative may not be an indicator of the brokerage’s actual performance. For example, there may have been an isolated incident that does not reflect the type of results that clients generally receive.
However, nobody can make this decision for you. Reach out to a broker you’re interested in and inquire about what makes them stand out from their competitors.
These Medical Office Space Trends Can’t Be Ignored
The way that medical care is delivered is changing, and medical office space needs to change along with it. By being aware of these trends, you can make sure that your office is able to accommodate your patient’s needs.
Want to learn more about what we can do? Be sure to reach out to us today and see how we can help you.