Medical real estate is a niche market. So, navigating medical office sales can be difficult if you don’t fully understand healthcare commercial real estate. But that’s why you’re here. You want to know the steps you need to take to find the perfect property and negotiate a deal that makes sense for your practice. So, let’s get started.
The Different Types of Medical Real Estate
There are four primary types of commercial properties that fit the unique needs of medical professionals.
- Office Buildings provide a professional setting and are typically a cost-effective option for medical professionals.
- Retail Space offers several unique benefits – visibility and ample parking – but, because of these, retail space tends to be expensive.
- Medical Office Buildings (MOBs) are dedicated exclusively to healthcare tenants, which can help create strong referral partners. MOBs tend to be more expensive than traditional office space, but offer several unique benefits for medical professionals.
- Hospital Campuses offer many of the same benefits as MOBs. However, the biggest difference is affiliation with the hospital itself, which can help create a strong referral base.
Navigating Medical Office Sales
Healthcare real estate is getting localized. According to Reonomy, a company dedicated to commercial real estate data, “the future of healthcare facilities is small, local, and driven by individual investors.” And as more and more medical providers shift away from larger complexes and look to move into smaller medical office buildings, competition will only increase, driving demand for medical office sales.
“Medical real estate has shown consistent growth over the past five years, and it’s only expected to continue expanding going forward,” according to Reonomy. Not even a global pandemic can slow down this commercial real estate train. While no industry has been immune to the effects of COVID-19 regulations, “one thing is for certain, healthcare real estate isn’t going anywhere,” according to the Washington Business Journal.
Thanks to the internet, it is now easier than ever before to search medical office sales. Of course, finding available listings is only part of the problem. How do you navigate such a competitive market, find the right property, AND negotiate terms that don’t break the bank? And what happens when great properties aren’t on these fancy online databases? Well, finding the right commercial real estate broker is a great place to start.
You Can Benefit from a Medical Real Estate Advisor
Also known as a tenant rep, a broker can help you find, negotiate, and lease or buy the commercial space that is right for your business. However, not all brokers are created equal. Hiring a commercial real estate broker specializing in the healthcare industry is a smart first step. These brokers understand the intricacies of medical office sales. They know the properties, buyers and sellers, and have access to building sales databases and cutting-edge tools to locate properties that will work for you. These brokers also understand the different legalities associated with leasing or purchasing healthcare real estate (OSHA, HIPAA, Stark and Kickback, and local state regulations). And when it comes time to negotiate terms, medical real estate brokers have access to up-to-date market data and tools that track industry trends, vacancy rates, and comparable properties. All of this specialized knowledge combined with ongoing relationships with sellers, put your broker in a great position to negotiate on your behalf and negotiate favorable terms.
United Development Realty Can Help You Sort Through Medical Office Sales!
United Development Realty is a Commercial Real Estate Broker in Maryland specializing in the representation of medical and dental professionals. We know this industry inside and out, and our client-first approach ensures that your unique needs are always met. We take the time to get to know you and your practice.Then, once we fully understand your vision, objective, and goals, we can assist you through a tailored package of services.
|Real Estate Market Analysis||Purchase vs. Lease Comparison||Space Planning|
|Market Surveys||Equipment Requirements||Patient Flow|
|Site Selection||Lease and Purchase Negotiations||Patient Privacy|
|Expansion Strategy||Lighting||And More!|
Over the years, we’ve assisted hundreds of medical professionals and business owners, including Johns Hopkins, Maryland State Dental Association, MedStar, LabCorp, Union Memorial Hospital, American Physical Therapy Association, American Academy of Physician Assistants, University of Maryland, Baltimore Washington Medical Center, Howard County General Hospital, and many more.
Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with a licensed commercial real estate broker today. Let us help you find the perfect space to grow your medical practice, and negotiate a price that makes sense for you.