There are four main types of commercial real estate properties that are the best fit for the needs and requirements of healthcare professionals. These types of CRE also resemble office buildings, retail spaces, and places where shopping centers are fitted.
Healthcare properties (medical office buildings and hospital campuses) are also the ones that are considered most profitable since they generate the most income and attract a greater number of people.
Each healthcare property type offers benefits and drawbacks, but it’s important to understand them in order to determine which one best fits the needs of your practice.
1. Medical (Hospital) Campuses
Hospital campus spaces have the benefit of easier access to medical care. They provide a wide range of inpatient and outpatient health care services and are usually seated in state-of-the-art facilities close to the city.
Many practitioners opt for buying medical real estate on hospital campuses because they want to get referrals from the hospital, and these referrals intend to create a strong base for a practitioner.
Hospital affiliation provides access to amenities such as a surgery or delivery center, which cannot be found at a standalone medical office building.
2. Medical Office Buildings Vs. Traditional Office Buildings
Hospital campus spaces are very similar to a medical office building; in fact, many of them are located on hospital campuses.
Traditional medical office spaces are often more affordable than hospital campuses. In medical office buildings, taxes and maintenance expenses are typically lower.
Medical professionals always need a medical office property, dedicated exclusively to healthcare tenants and provide an atmosphere that creates strong partnerships and synergies – and, medical office buildings communicate professionalism in the healthcare community.
Medical office spaces have common areas such as shared restrooms, lobbies, and conference rooms. They often provide assistance and maintenance from landlords as well as many amenities that serve and benefit medical staff.
An increased supply of janitorial and utility services can sometimes be the reason why medical office buildings are more expensive than traditional office buildings, but the cost depends on many factors, including location, quality, and age of the property.
Medical Practices In Traditional Offices
Traditional office buildings offer an attractive option for healthcare professionals because they provide business settings close to other professionals and corporations, and they are more or less familiar to patients.
Besides large spaces for offices, these traditional office buildings also provide common areas such as shared restrooms, lobbies, conference rooms, assistance and maintenance from landlords, and amenities for the building users (staff and patients).
3. Retail Spaces & Shopping Centers as Healthcare Properties
The final option for medical professionals is to buy healthcare real estate in retail or shopping center spaces. These spaces usually provide more visibility, exposure, and signage than other commercial and healthcare property types.
Owning a healthcare property in a retail or shopping center creates synergy with the nearby residents, and working slice to restaurants, grocery stores, or other retail or service-based businesses can work to create more traffic.
Also, retail properties usually offer easy access and have identifiable cross-streets and landmarks nearby to make it easy for customers/patients to access.
Look at it this way: hundreds of potential patients are going to be driving by the sign of your medical practice every day, which can result in a large impact on awareness and brand recognition that can eventually lead to additional revenue.
Experts In Finding The Perfect Medical Real Estate Properties
Each healthcare practice, from solo practitioners to a large group of specialists, is unique. And each unique business model requires an equally distinctive facility for healthcare professionals and patients to enjoy and feel comfortable with.
At IPG, we know that helping you find and manage the business side of your medical practice frees you up to focus on the caring side of your business.
We have tailored healthcare real estate solutions to make that a reality, and help you figure out what type of commercial real estate property best suits your needs, how to manage it, and how to understand acquisitions. Speak with a medical IPG representative today.