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Types of Commercial Real Estate Properties for Healthcare Professionals

May 26

There are four main types of medical real state properties, including shopping centers or retail spaces, traditional office buildings, hospital campuses, and medical office buildings. These properties come with their advantages and disadvantages. It is essential to know them before choosing a property for your new medical practice. 

Read on to learn more about the four types of properties within the healthcare real estate sector. 

Medical Office Buildings

Medical office buildings are ideal for most healthcare professionals since they are dedicated to healthcare tenants. It is easy for healthcare professionals to get more referrals from the other healthcare tenants. They are even more likely to build strong referral partnerships in the same medical office building. Visit Realforce Property for your medical real estate property needs.

In addition, medical office buildings provide more utility services and janitorial services. Therefore, it is more expensive to invest in a medical office building. The cost of investing in a medical office building depends on various factors, such as the age of the building, location, etc. 

Hospital Campuses

They are the same as medical office buildings. The main difference is that hospital campuses give healthcare professionals access to hospitals. 

The main purpose of hospital affiliation is to build a strong referral base for the medical practice. Healthcare professionals invest in medical real estate properties on hospital campuses to get more referrals from the hospital. 

Hospital affiliation gives healthcare professionals access to a delivery or surgery center and other amenities. It is impossible to find these amenities in standalone medical office buildings. 

Traditional Office Buildings

A lot of healthcare professionals prefer the traditional office buildings because they provide them with a business setting with corporate-based organizations and other professionals. The traditional office buildings are also ideal for healthcare professionals since they provide a familiar experience for their patients.

Plus, healthcare professionals set up their new medical practices in traditional office spaces to have access to the common areas, including conference rooms, lobbies, and shared restrooms. In addition, the landlord handles the maintenance of the building. All the tenants use the amenities and systems in the building. 

It is more affordable to invest in the traditional office buildings than to invest in retail or shopping centers, medical office buildings, and hospital campuses. The maintenance expenses and taxes in the traditional office buildings are very low.

Shopping Centers and Retail Spaces 

Lastly, healthcare professionals can invest in medical offices in existing shopping centers or shopping centers. Healthcare professionals can get more exposure and visibility in retail spaces. How? Hundreds of people are more likely to see the sign of a healthcare professional. Having more people see their signs can increase their exposure and build their brand. It can even increase their revenue. 

If a healthcare professional owns a property in a shopping center or retail center, they are more likely to build a strong relationship with other tenants. 

For instance, if they have a good relationship with businesses, such as grocery stores and restaurants, in the shopping center, they can get more patients from the traffic of these businesses. In fact, it is more convenient for most people to visit these medical practices since they are close to other businesses and retailers. 

It is also easy to locate medical practices in retail properties since it is easy to identify landmarks and cross-streets nearby. Patients can, therefore, easily find and access them. 

Large group practices, solo practitioners, and medical practices have unique needs. Healthcare professionals must consider their needs and their patients’ needs before choosing medical real estate property for their new medical practice.