Medical realty is a niche market, often more complex than standard commercial real estate. And regulations can dictate everything from parking ratios to floor plans. There are even differences between the varied medical specialties within the healthcare industry: medical, pharmacy, dental, physical therapy, chiropractor, optometry, veterinarian, radiology, lab, etc. So, it can be incredibly beneficial to work with a brokerage firm specializing in the representation of medical professionals. This can save you both time and money. That’s what we like to call a win-win.
When It Comes to Medical Realty, You Need Specialized Tenant Representation
What is tenant representation? It’s a type of commercial real estate brokerage where the agent is focused on your needs alone, rather than the needs of the lessor or landlord. Your tenant rep can help you find, negotiate, and lease (or buy) the commercial space that is right for your practice. Typical services include:
|Lease and Purchase Negotiations
|Expansions & Relocations
|Purchase vs. Lease Comparison
However, not all tenant reps are created equal. Medical and dental professionals need specialized assistance – a medical real estate broker.
Benefits of a Medical Real Estate Broker
The medical realty market requires specialized knowledge and experience. Medical real estate brokers know the properties, landlords, buyers and sellers, and have access to building sales databases and cutting-edge tools to locate properties that fit the needs of your practice. They also have existing relationships with medical and dental equipment suppliers; contractors and architects that specialize in medical construction; lenders, attorneys, and accountants that specialize in healthcare; and consultants and marketers that specialize in medical and dental practices. And these brokers understand the different legalities associated with leasing or purchasing healthcare real estate (OSHA, HIPAA, Stark and Kickback, and local state regulations). All of this specialized knowledge has several unique benefits.
As the old saying goes, time is money. So, instead of investing your precious time to learn the intricacies of medical realty, find a suitable location, and enter into negotiations, it can be incredibly beneficial to enlist the services of an experienced medical real estate broker. These brokers know what their medical clients need and have experience in purchase and lease negotiations specific to the medical industry.
In the same way that medical real estate brokers shouldn’t spend their time learning how to examine patients, healthcare professionals have better things to do than learn real estate. Let your broker focus on finding you the perfect location, while you focus on your patients.
Commercial real estate is often the second-highest expense for healthcare providers, behind payroll. So, lease negotiations can have a major impact in the financial wellbeing of your practice. In fact, the difference between a poorly negotiated transaction and a well-negotiated transaction can be tens of thousands of dollars.
With this much at stake, enlisting the services of an experienced medical real estate broker should be a no-brainer. Not only do these brokers understand medical realty, but they also have access to up-to-date market data, databases, and tools that track industry trends, vacancy rates, and comparable properties. All of this specialized knowledge combined with ongoing relationships with landlords and building managers, put your broker in a great position to negotiate on your behalf and, ultimately, save you money.
Finding a Broker Specializing in Medical Realty
Look no further! United Development Realty is a Commercial Real Estate Broker in Maryland specializing in the representation of medical and dental professionals. 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.
We know medical realty 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. 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.