Finding An Office Space
There are numerous basic questions needing answers to find the right office space:
- Rent or Own
- Traffic Patterns
- Parking Ratio
- Square Footage
- Tenant Improvements
Finding your place of business is a key decision. Most customers prefer the convenience of proximity. In a medical practice, Location is a complex issue.
At Your Phoenix Office we ask numerous questions in order to pinpoint the best locations for our clients, including: Do you need to be within walking distance of a hospital? If so, which hospital? (We have worked in several and know strengths and weaknesses.) Where are your referral sources located? Where will your patients park? Do you need the customary 5:1 parking ratio or is your practice so busy that you need more? What is your payor mix and which zip codes will yield the greatest volume of these patients?
The next issue we consider is Rent or Own. There are advantages and disadvantages to both financial structures. There are different rental arrangements, ranging from triple net to full service that can raise or lower total costs. The landlord can raise the rent. On the other hand, while the purchase of a building guarantees fixed costs for space, it also locks the physician into a particular building. As practice needs evolve, the square footage may no longer be adequate…or may be overly generous. At Your Phoenix Office we compare and contrast advantages and disadvantages to each potential space and each potential type of ownership. We then help our clients decide which situation will be most advantageous for them in both the short and long terms.
Every office space needs renovation for the new tenant or buyer. This is true whether the space is a newly constructed “blank canvas” or an older building. If the space is a rental, the landlord characteristically offers a Tenant Improvement allowance. Our advice is to negotiate carefully. The next step will be to find the right architect, interior designer, and builder. Choose carefully. At Your Phoenix Office, we scrutinize the details all bids and make sure that – on the one hand – the contractor has considered all the options and — on the other hand — our client will be paying for only those tasks and materials needed for the job.
With the right office space in the right location with the right amount of parking, your practice will flourish.