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Private practice doctors in Manhattan are confronted with a competitive commercial real estate landscape when it comes to finding the right location. Then, he or she needs a lease agreement that covers the practice’s specific needs.
In this article we are going to take a look at what makes medical office leasing in Manhattan so unique, special considerations when property hunting, and the pros and cons of leasing or buying.
One of the biggest distinctions between medical offices and other types of business is that medical offices tend to stay in the same location for long time periods. Competition for clients is stiff, which means that medical offices are not bound by proximity requirements to large hospital campuses, especially in Manhattan.
It’s for these reasons that make medical office leases so unique. When a physician or physician’s group leases an office, the lease contract will typically be much longer than an agreement used by normal commercial tenants. Prior to signing anything, consider have a real estate attorney for medical office leases in Manhattan review the terms.
Like any commercial real estate search, finding an ideal location for a medical office takes some time and money. A commercial real estate attorney in Manhattan knows where to look, how to negotiate, and what the lease agreement needs to specify
Some unique concerns that should be raised when writing a lease agreement for a medical office. These concerns include:
Landlords tend to use contract templates they found online or drafted with an attorney a decade ago. Then, they fill in the blanks. Make sure you definitely bring this to a medical office lease attorney first.
A practice will purchase or rent an office depending upon an array of elements such as the practice’s future needs and short-term objectives. Funding can be a significant problem as it pertains to making a choice between buying or leasing.
Usually, a practice that buys a medical office will try to offset the costs of the purchase by renting unused office spaces to complementary doctors. This thinking is logical and sensible. However, it rarely ever happens that way. Most doctors do not have the time to be a landlord on top of their medical duties. Therefore, many doctors find that leasing medical office space is more manageable for their schedule and budget.
Instead of managing it on your own, your Manhattan medical office can work with a real estate attorney in developing a lease. At Aronstam Law, we understand what physician’s go through in the business landscape; we’re here to help you find a satisfactory resolution.
Call our office or visit our website for a free, no-obligation consultation.