Looking to rent out a medical office space? You feel confident in your practice, but may not have familiarity with real estate or choosing the next “right location” for your practice. There are plenty of things you need to consider to make sure you get the location right.
1. What neighborhood do you want to be in?
Even though you may already know this and have an established practice, it is always a good idea to consider the best possible location for your medical office. Is it the right location to help you maximize patients? Is it convenient for patients to visit? Is it convenient for your nurses and receptionist? Location is a big decision; so, make sure you get the neighborhood right.
2. What kind of street frontage is available?
Street frontage is an important factor. Ideally, you’d want to be on the main road with at least 8,000 vehicles per day going by. Having more eyeballs improves the chances of more patients stepping into your practice.
3. What parking is available?
Ideally, you want an area with a generous amount of parking, which makes it easier for your employees and patients.
4. How far is the walk from the parking lot to the medical office?
It’s best if the walk from the parking lot to the medical office is as short as possible – making it easier for patients to visit with minimal hassle.
5. What size works for your medical office?
This depends on the size of your practice. If you are a sole practitioner, then a 1,200 square foot facility should be enough for your needs. Consider how many nurses, nurse practitioners, and support staff you have as well.
6. What kind of demographics are you targeting?
The neighborhood demographics will also make a difference depending on the type of practice you run. For instance, as a pediatrician, you probably want to be in an area with young families. As a geriatric doctor, you’d likely want to be in an area with more baby boomers. You can research demographics of the neighborhood or the landlord should be able to supply them for you.
7. What other tenants are around?
There may be other tenants around that could help your medical practice. For example, is there a medical supply store that could boost your patient base? Is there a lab testing or clinic nearby that makes it easy for patients to get a couple of things out of the way without needing to drive far? Are there pharmacies near-by to make picking up prescriptions convenient? Similarly, even having traditional well-visited lifestyle services can help you. For example, a well visited restaurant can even attract attention to your office. All these factors could be important to increase the number of patients you see every day.
8. What kind of competition do you have?
You need to evaluate what kind of competition you have around the area too. Are there other medical professionals that do exactly what you do or will they help you? Be sure to scope out the competition before honing in on a specific location.
9. What signage can you have?
You will want to make sure you have good signage on your storefront, easy to read and visible day and night. You also want to consider signage on main shopping center sign if permitted. Follow local signing ordinances.
10. Is there easy access in and out of the office?
You’ll want to make sure the medical office is easy to access whether it is getting in or out. The easier you make it, the more patients you are likely to attract.
11. Is it permitted for medical use?
Zoning is another consideration. Make sure the office is permitted for your desired practice.
12. Have you budgeted for the ‘fit out’?
You likely to pay for the fit out of the store into a medical office space. This could include adding a receptionist area, waiting room, and private rooms to see your patients.
13. Do you have a digital marketing plan?
No flyers, but what’s your digital marketing plan to attract new customers in the location. We have seen great success helping drive new prospective customers to a medical office. There’s a lot that goes into this. What’s the value of a new patient for you? If you know the value of a new patient, you can strategically calculate cost per lead and total acquisition cost to back into a smart data driven marketing campaign.
Use these tips to help you find the best location for your medical office.
