Calling all Chicagoland medical practices! As you know, even more than we do, the Chicagoland healthcare landscape continues to change drastically as new mergers form mega healthcare groups. Oftentimes this means that healthcare practice territories change or grow from the new patient base. If your Chicago area medical practice needs to move or add a satellite location, here are our inside tips!
- Enlist the help of an experienced medical real estate broker for FREE! Whether you are a doctor, practice manager, or office staff member, chances are your days are already busy enough…and that adding another item to your to do list would be overwhelming. Let alone such a large task as seeking out and negotiating a medical office space. Each and every day O’Donnell Commercial helps medical practices find medical office space for FREE! Just like in residential real estate the seller of the home pays the commission, the owner/landlord of the medical real estate property will pay our commission. Which means we work for YOU for FREE!
- Determine an approximate square footage requirement. Second to desired location, the next variable you’ll want to finalize is a range for your square footage needs. While you may have a rough idea of square footage based upon the size of your house, it can be harder to determine the square footage of a medical office space. In commercial real estate there are usually more halls and demising walls that need to be accounted for, in addition to the exam rooms, nurses stations, reception, waiting room, and private offices. We’ve developed a Medical Office Square Footage Calculator that allows you to enter in your desired rooms and their quantities, and then calculate your necessary square footage. Often we will search for space in a 2,000-5,000 range from the calculated amount so as to not rule out any options. For instance, if your calculated requirement is 3,000 SF, we’ll search for spaces 2,000-4,000 SF.
- Know what the pass thru expenses include. Chicagoland medical real estate rental rates are mostly quoted on a net or gross basis. In a situation where net is quoted that means you’ll see a base rental rate and then you’ll see additional per square foot fees for taxes and Common Area Maintenance (CAM) and Insurance. These additional fees make up the “pass-thrus” or fees that are “passed thru” to the tenant as your pro-rata share of the building expenses outside your base rent. Medical Office Buildings (MOBs) vary greatly on what is included in your CAM. Some may include nightly or weekly cleaning of your medical office space while others include certain utilities like water or electricity. These can be a great benefit to your practice and being able to better forecast expenses, but they can also mean a higher monthly rent payment. Knowing what each property includes and doesn’t include lets you see an “apples to apples” comparison in your Chicagoland medical real estate search.
These insider tips are beneficial whether you’re looking for a new or additional medical office on a hospital campus, in a designated MOB, a traditional office complex, or a retail location. We work with doctors and their practices in many of the surrounding counties of the greater Chicagoland area, including DuPage, Kane, Cook, Will, Boone, DeKalb, Lake, McHenry, and more.
Put our vast experience and knowledge of medical commercial real estate to work for YOU for FREE! Call us today at 630.444.0444 to start your search.