When should you start your search for medical office space?

If you are thinking of relocating your existing office to provide better access for patients, larger space, more efficient space, locate closer to the hospital or for any other reason, you may have waited too long to find the best deal available.

 

In order to obtain the best location available at a cost that your practice can support, you want to start your search at least 12 months before your lease expiration. Why so long? Rarely are you going to find a space which exactly suits the specific needs of your medical practice and only needs a fresh coat of paint. Vacancy rates in our area for medical office space are relatively low, so the existing options are limited.  This means that you (or the landlord) will have to renovate an office to suit your needs. The whole process can be very time consuming figuring just some of the following:

 

  • 2-3 Weeks: Designate needs and locate alternatives
  • 1 Week: Visit alternatives
  • 3-4 Weeks: Submit LOI’s to multiple owners and responses
  • 1 Week: Evaluate responses
  • 2 Weeks: Additional negotiations to responses
  • 4-6 Weeks: Lease negotiations between attorney’s
  • 4-6 Weeks: Space planning and architectural drawings
  • 4-6 Weeks: Permitting
  • 12-16 Weeks: Construction
  • 2 Weeks: Finishes and punch list
  • 1 Week: Move in

Total 36-48 Weeks (8.5 – 11 Months)

 

If you are considering relocating your practice and wait til 6 months before your lease expires, it may be too late.  Contact us today to discuss the needs of your practice.  It is always better to start too soon, rather than too late.

 

About CNK Realty:

 

CNK Realty is a full service provider of healthcare real estate solutions. We work with physicians, hospital systems, multi-specialty groups, ACO’s and investors in medical real estate throughout the West Coast of Florida. Our primary lines of service are to healthcare providers looking to lease or purchase medical office space in Sarasota, Bradenton, Lakewood Ranch, Venice and surrounding areas, as well as professionally representing the leasing of medical office buildings. Additionally, CNK Realty also offers professional property management services in Sarasota, Bradenton and Venice.

 

If you are a physician, hospital, medical group or investor in healthcare real estate and are looking to for a professional medical office broker to assist you in your lease, acquisition, sale or management of your property, please contact us at (941) 741-9600 or visit us at www.cnkrealty.com to discuss your medical office needs.

Written by

Ken Hughes, President. Ken is a 20 year veteran of the commercial real estate industry and has represented everything from fortune 500 companies to locally owned and operated small business ventures. He has worked for one of the nations largest publically owned healthcare investment companies as the Leasing Director for their Southwest Florida portfolio. During that time, it became evident that the area was lacking in companies which focused exclusively on assisting the healthcare industry in their leasing, purchasing and selling of medical office space. He has worked with publically owned hospital systems, large specialty practices and individual practitioners and is well versed on the specific needs of medical office space users.

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