Over the last two decades, DC’s property market has experienced outstanding growth. The total value of the property sold in shares by the commercial sector has gone up from 42.7% to 51.1%, indicating a faster increase in the sector’s property sale values.
On the other hand, the area is home to top hospitals, such as MedStar Washington Hospital Center, with a Medicare revenue of close to $85 million.
If you wish to have your medical office close to such reputed healthcare establishments and make the most of both worlds, you need to be aware of the DC medical office lease agreement.
Top commercial real estate agents can help you locate ideal medical office space for lease and negotiate a deal that fits your budget. While they help you with the formalities, here’s what you should know about leasing a medical office in DC.
The Allowable Usage And Restrictions Of The Leased Area
While surgeons and obstetricians top the list of highest-paying jobs in DC, the region is home to notable healthcare companies specializing in pharma and technologies.
If you are one such medical entity, you will use various medical machinery, such as the latest X-ray machines. But in some scenarios, you will get permission to carry out only certain activities on the premises you wish to lease.
Top consultants ensure you understand the lease clauses and provide all the necessary details to the prospective landlord. Hence, if you do not like a clause or restriction in the agreement, you can negotiate with the prospective landlord or even look for another property before investing your money.
Recently, the Mayor and DC health launched the District’s 24/7 PEP Hotline for people who might have gotten exposed to HIV. If your healthcare facility offers a similar, round-the-clock service, you need to check with the landlord for any special applicable provisions.
While helping you negotiate and finalize your DC medical office lease agreement, experienced brokers know to look for exclusivity provisions, after-hour access restrictions, and medical-waste disposal provisions in the contract.
Previous Usage Of The Leased Premise
Though obstetricians in DC earn a relatively higher income, leasing a place without the infrastructure required to set up a medical office can be expensive, even for them.
However, if the prospective lease premise were previously used as a medical facility, modifying it to suit your medical practice would be easier and less expensive.
Reputed commercial real estate agents show you potential properties that will most likely have all the common areas and facilities you require in your medical office. It will help you settle quickly.
Landlord’s Right To Inspect
In DC, a landlord has the right to inspect the leased premises, even when you are at work in your medical office. However, the landlord’s inspection can affect your patients’ privacy.
Top consultants help you understand the landlord inspection and privacy clauses. They ensure you confirm with the landlord about when they can enter the office space, thus ensuring they don’t affect the privacy of your patients.
Professional Help Can Make A Difference
With a 16.6% vacancy rate in the DC office market, rents will remain under downward pressure, with generous concessions for tenants in the market for new spaces.
If you want the best out of this favorable trend, reach out to a reputed real estate agent to find you the ideal medical office for lease.