New York City, NY · Member since 2017 · 1 post · 0 votes
I'm a newbie commercial healthcare realtor. I'm trying to get a good grasp of how healthcare commercial real-estate is different from other types of commercial real-estate. Here's what I've gathered. Please comment!
1. zoning/usability Issues - healthcare commercial real-estate has a different zoning rules, may use specialized equipment (x-rays, etc)
2. smaller pool of clients - hospitals, healthcare providers, healthcare organizations
3. build-out costs - dental offices, for instance, require significant tenant improvement - equipment, etc, similar with surgical space
4. clients are risk averse compared to other clients, leases generally longer term
Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
9y
Hi Sharon! Only other thought is besides zoning, a lot of landlords have restrictions. Important to have a lawyer read leases carefully. Some things to look out for would be disposal of medical waste issues, a lot of landlords do not allow abortions on premises, fetal tissue transplants, or medical marijuana, for example. So even things that may be legal and comply with zoning regulations may be prohibited in leases.
Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
9y
Sharon Smith The only thing that I'll add is that it's going to be easier to add the first medical tenant than it will be the last. It's not uncommon to want competing specialities in the same building or complex. And you'll find that someone doing cosmetic surgery may not want a dermatologist in the same building just because of time overlaps. I don't know about New York but things like that end up in leases here.
There is also a huge lease premium to be close to a hospital. If you do (as a medical professional) do occasional procedures you'll never build your own operating room, you'll get privileges at the local hospital, and you'll want to walk to that operating room if you can. Another tiny point but it's different than leases to CPAs.
Sugar Land, TX · Member since 2017 · 1 post · 0 votes
9y
I am trying to build a dental office for my wife on a 1.1acre land we purchased recently in the Houston area. I might need only 2000sq ft. The rest of the building, I would like to lease to other medical, vision or urgent care do you recommend to use a general contractor or someone specialized in building medical offices. Also, why strategies can I use to attract health care related tenants?
Commercial Real Estate Broker · Houston, TX · Member since 2017 · 6 posts · 8 votes
9y
Jay Kuruvilla I highly recommend using a contractor who has a history building out medical office space. There are intricacies and efficiencies gained from using someone whom has previous experience. If you haven't hired an architect, the contractor will be able to offer advice on design. I've done a fair amount of medical transactions and can recommend someone if you're interested.