Rakow Group is a commercial real estate consulting and networking company based in Westchester County, New York and Fairfield County, Connecticut. We specialize in medical office space for rent services. We have over 30 years of experience. With each obstacle we’ve overcome, we’ve grown smarter and more equipped for whatever curveballs the commercial real estate industry wants to throw at us. We didn’t get this far on our own, which is why we’d like to pay it forward by extending to you a few tips on how to approach your hunt for medical office space while protecting yourself from a regrettable situation.
The commercial real estate industry most certainly has some trickery to it. Those who don’t know where to look and what to ask tend to pay through the nose for it. Alternatively, those who utilize their resources effectively while gaining insight from those who actually understand the industry’s ins and outs usually tend to come out on top. The first step to protecting oneself from a bad deal is knowing what questions you should be asking. Here’s where to start.
1. Figure Out Utility Costs
The story stop at the monthly rent. Depending on the size of your space, that utility bill will be a hefty addition to your monthly expenditure. You’re going to want to determine how much space you will occupy, what kinds of lights you wish to use, how much water you’ll be needing, and whichever other monthly service you’ll be utilizing. With this information, you should be able to speak to a specialist and arrive at a realistic estimate. Tack that onto your bottom line and reassess whether this space is worth your while.
2. Figure Out Your Insurance Expenditure
One of the fundamental reasons that medical office space is so much trickier to find than office space for other industries is due to insurance costs. Inherently, the medical industry comes with a fair share baggage and hidden costs. That baggage mostly comes in the form of insurance payments. Many property owners will up the insurance costs based merely on the fact that you wish to use it for medical practice. That’s why it’s important for you to determine what insurance will cost you right off the bat. If you’re not happy with the number, you can attempt to negotiate. But if the owner doesn’t budge then it’s time to look elsewhere.
3. Figure Out Who’s Responsible For Maintenance
Every lease is different. One cardinal rule is not to assume anything, especially when you base your assumption on standards from the residential real estate industry. One of these fatal assumptions is that the landlord is always responsible for the maintenance of a property. This is a feature that can easily slip by a prospective tenant who doesn’t read between the lines.
When it comes to commercial real estate, especially for medical office space, some owners will add a clause to their contract indicating that the tenants are responsible for upkeep, and more importantly, for paying for the maintenance. Moreover, there’s also the chance that if you neglect to perform such maintenance, that the landlord reserves the right to fine you for it. Albeit, this is not necessarily such an unreasonable policy, just so long as you are aware of the implications before signing. So read carefully!
Want to learn more about how to handle your hunt for medical office space for rent the right way? Give Rakow Group a call and let us pick your mind on what it is you’re looking for. You can reach us at 203-359-5703.