Medical Office Space Lease Negotiation Tips: What Landlords Don’t Want You to Know
As is true in every business, location can determine whether your medical practice will be a massive success or a nightmarish blunder. Landlords know this and will do everything they can to wring money out of a potential tenant for an ideal space. So to get the perfect location for a medical office space without being taken advantage of, learn these quick tricks before your next negotiation.
Secure the Option to Renew in Writing
Want to lock down your piece of prime real estate? Make sure you don’t fall for the standard lease agreement trap. If your office space truly is in a wonderful spot, other doctors and medical practitioners will want to slide in and most likely be willing to pay a higher price for the privilege! So sign a renewable lease, most of which will allow tenants to pay an established rent price for a period of time, and also have a predetermined amount of time in which new negotiations can occur.
Measure the Space Yourself
It’d be great if we could trust everyone to be honest, but when it comes to making decisions regarding money and the future of your practice, its best to err on the side of caution. This is why it’s important to visit in person with an agent at your side, and take the little bit of extra time to ensure the measurements are actually what they claim to be.
Have A Commercial Inspection Done
Don’t sign a lease with a blind eye and discover there are structural problems (or worse!) with what is supposed to be your new office, the face of your business. Obviously it’s imperative for a medical office space to be clean and sterile. But getting a commercial inspection done can also be a great negotiation tool for either lowering the price of the lease so you can fix any problems on your own, or have it explicitly stipulated that the landlord take care of any issues which arise from the inspection.
Review these tips before your next negotiation, and remember not to allow yourself to be pushed around. If it truly is a desirable piece of property, expect to face some resistance; they know what they have is good, and they will fight to make you pay more!