5 Essential Elements to Optimise Your Lease
Selecting a site for your medical practice is a crucial business move. Frequently, practitioners choose a long-term lease to build lasting relationships with patients and establish the practice for the long haul.
An extended lease term may offer mutual benefits for your practice and the landlord, establishing a strategic foundation for enduring success. Consider negotiating certain elements to enhance the terms of the lease.
1. Signage rightsExplore the opportunity to secure rights to building signage to enhance the visibility of your medical practice, especially if you are located on a busy road or in a shopping centre.
2. Exclusivity
If applicable, negotiate exclusivity clauses that prevent the landlord from leasing nearby spaces to competitors.
3. Flexibility
Negotiate flexibility in assigning the lease or subletting the space, allowing you to adapt to changes in your practice or potential growth.
4. Fitout costs or tenant improvements
Opting for a long-term lease reduces the necessity for frequent fitouts. Negotiate for the landlord to contribute to the expenses associated with customising the space to suit your medical practice's needs.
5. Well maintained common areas
Landlords often bear the responsibility for maintaining and operation of common areas shared by multiple tenants within a property, such as lobbies, hallways, and parking lots.
It's crucial for medical practitioners to review lease agreements thoroughly before signing, ensuring you understand your legal and financial obligations, together with the landlord’s responsibilities.
Before entering negotiations, thoroughly understand your practice's needs and priorities, and ensure you have a strategic business plan in place that defines your business goals. Engaging with a property attorney and commercial leasing agent can provide valuable guidance and ensure that the negotiated terms align with your long-term strategy.
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