Finding the right location for your medical practice is just as important as finding the right location when you are purchasing a home. No matter what type of real estate you are looking at, the adage rings true, it’s all about location, location, location. Read on to learn more about what to consider when looking for a new location for your medical office and what pitfalls you would be wise to avoid.
The first thing to consider when looking at office locations is the type of patients you already have and those you wish to attract. What are your patient demographics? What is your specialty? Is your practice full of women, men, athletes, baby boomers, kids? Taking this into consideration really can impact your location.
For example, is your current practice full of suburban baby boomers? Then perhaps a strip mall in the outskirts of town is what you need to make it convenient for your patients to get to you and to market effectively to grow your practice.
But what if your practice is full of young or working professionals? Then an office in the suburbs would be difficult for them to get to you. You might want to consider something downtown so those working in the city center can get to you quickly and easily.
What if your patient base if full of athletes? Then perhaps you should consider setting up an office location near a university or the practice facility for a professional sports team, or even a popular gym. This would allow you to market to your base and make it easy for them to see you. Considering your patient base and your specialty can be critical in choosing the right location.
Consider Your Competition
Another key component to think about when choosing a location is your competition. You want to put yourself in a position to succeed so you need to look at the competition in your area. If there are five other professionals within a ten-mile radius practicing the same thing you are, then you might want to look somewhere else for office space. Do your homework and check the population to professional ratio for your area.
If you are just starting out and you find that your competition is overpopulating the upscale neighborhoods in the area you want, consider setting up your practice in the suburbs just a few miles away. There might be some opportunity to develop a large patient base. Your competition could be overlooking a potentially lucrative area.
You should also investigate whether the population of the area you want is growing or declining. It is typically easier to set up shop in a newer community rather than try to break in to an established area with a lot of competition. A lot of this information is available on the U.S. Census website. There is a great deal of information available if you are willing to take the time to comb through the site. You should also contact the local Chamber of Commerce as they have some great information available as well.
If your practice is going to rely heavily on insurance, you should take a close look at the employers in the area. Do they offer the insurance you accept? You should also consider locating your office next to a hospital as this can create a good image as you will be in an area associated with health care.
And, of course, there are many things to consider in terms of the actual building you are looking for. If future expansion is your goal, does the space offer enough square footage? Does the location offer convenient, well-lit parking? What does the building look like? Is it well maintained, or does it look run down?
Medical Office Lease in Los Angeles
There is a lot to consider as you research a potential medical office lease in Los Angeles. A smart piece of due diligence would be to contact Boulevard Medical Properties to schedule a consultation. The Boulevard team has the knowledge and expertise to point you in the right direction and get you into a space that works for your organization.