Choosing the right office space and signing a lease for your medical clinic is a major decision that could play a significant role in the ultimate success of your practice.
Whether you are setting up a brand-new medical practice or relocating an existing one, physicians, surgeons, dentists, and nurse practitioners have unique needs and requirements when it comes to renting commercial real estate. This is why understanding your medical lease agreement is especially important.
Key Considerations Before Signing a Medical Lease
Before you choose a location for your practice and sign on the dotted line, it is imperative that you review every section of your commercial lease agreement to make sure you know exactly what you are agreeing to. Here are the main details you need to focus on:
- The length of the lease – First and foremost, you need to know exactly how long your lease will be before you move into any commercial space. Lease periods are generally for one year and are spelled out in the contract – but be sure to double-check. Also, understand whether your lease auto-renews and if it’s for the same length of time, or if you will need to notify your landlord of your intent to renew.
- Your monthly rental payment – Besides the amount you need to pay each month for your medical office, you may be required to pay a security deposit covering one or more months up front. Make sure you’re getting a fair deal when it comes to payment terms; you can do this by checking rental listings of other comparable commercial properties and what is being advertised for them.
- Whether utilities are included – Tenants are often expected to pay a portion of electrical, heating, cooling, and other utility bills. Ask about these payments, and get an idea of how an average bill might impact your overall costs.
- Whether you need more insurance than your current coverage – If you’re like most medical professionals, you’re probably already paying plenty for liability insurance. Depending on where you establish your practice, you may also be required to carry renter’s insurance. Discuss this with your prospective landlord to see if you can forgo this added expense, or at least get a reduced rate on it.
- Who is responsible for maintenance – Verify in advance whether you or your landlord is responsible for the upkeep of your office space. Different landlords have different policies.
- Who your fellow tenants are – Other tenants can have a positive – or negative – impact on your work environment. Ideally, your practice will function more smoothly if you share a building with other medical professionals. Ask your landlord about who can and cannot rent space at your location.
- Parking options – Does your location offer a designated parking area for you and your patients, or must you rely on-street parking? If parking is not addressed in the lease agreement, check with your landlord. This should ideally be delineated in the contract unless there is an expansive parking lot and there are no real restrictions for you or your patients.
- Who pays for property improvement costs – These may be the responsibility of the landlord or the tenant, depending on the terms of the lease. So, make sure you clearly understand these rules before you sign the lease agreement. This can be an area that is negotiable.
- When you can move in – Not all commercial buildings allow tenants to move in as quickly as they’d like. This is why you need to agree on a firm move-in date before finalizing the lease.
- Your options when the lease expires – Find out whether you can renew your lease at the same or a reasonably adjusted price, as opposed to your landlord charging more than you can afford for a renewed term.
Leasing Medical Office Space in Naples, Florida
If you are in the market for a new office location for your medical or surgical practice, consider the advantages of leasing office space at the new Executive Medical Center.
Conveniently located within a quarter-mile of I-75 in Naples, our 28,000-square-foot medical office building is currently under construction and set to open in February 2021. It offers two floors of stylish, move-in-ready medical offices with all the amenities your busy practice is looking for, including an ultramodern outpatient ambulatory surgical center and a state-of-the-art, fully functional, independent MRI imaging center.
