FINDING/LEASING MEDICAL SPACE Presented by: Jay Arnett, SIOR Deborah Hunkeler, CCIM Cushman & Wakefield of San Diego, Inc.
Components of Leasing Medical Office Space I. II. III.
Needs Determination The Search (Survey the Market) The Transaction
I. Needs Determination Develop a Team as early as possible to help prepare and define the search • Team to include Physician, Real Estate Professional, Office Manager/Coordinator, Equipment Vendor, Space Planner
Needs Determination – continued Identify: • Geographic Location • Size/Building Type • Economic Capability (average lease rates can vary widely depending on Location & Building) • Transaction Timeline • Start 12-9 months before planned occupancy • Program 180-120 days (minimum) for Lease Negotiation & Tenant Improvements
II. The Search •
Review Preliminary Market Survey (Available Space)
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Narrow Search Based on Established “Needs Determination” Criteria
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Tour Qualified Buildings with Broker Representative
III. The Transaction •
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Request Proposals From Three Properties. Terms & Conditions will Address: •
Size Requirement
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Lease Term/Options
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Economic Expectations
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Tenant Improvements
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Market Concessions
Counter Propose as Appropriate
The Transaction - continued •
Select Finalist
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Preliminary Space Planning
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Construction Documents/Cost of Construction
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Lease Documentation
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Construction Phase
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Occupancy
IV. Summation •
Establish Team
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Communicate Needs
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Provide Adequate Time to Find Space
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Ensure Everyone Remains Involved Until the Space is Ready for Occupancy
Jay Arnett, SIOR Deborah Hunkeler, CCIM Cushman & Wakefield of San Diego, Inc. 858.452.6500 www.cushwake.com