Why you should rent, use a broker and how the market is performing.
Medical Office Leasing in VA : Why you should rent, use a broker and how the market is performing.
Building offices can be costly and a large headache. Being a business owner has its own, unique types of issues. Having to pay for a new building and oversee the project takes a lot of time and a huge commitment. There are several reasons why renting or leasing from a medical building for a medical practice or dental practice is ideal.
1. The current real estate market in VA and why you should rent
The overall housing market in Virginia is doing well. There has been a steady growth. This shows that houses and businesses are being bought or rented. Rental affordability has improved and will keep improving. Over the last five years the market has seen growth, it looks as though this trend will continue. Delaplane, Arlington, Vienna, Quantico, and Alexandria have the best markets and the prices are still climbing in these areas especially. With the market doing so well means that people are settling in the area. This will ensure that more businesses, like doctors and dentists, will be needed in the area.
Renting or leasing can be an easy way to have your own business without the cost. Here are a few reasons you should rent or lease.
-There is less cost up front. Construction is very expensive and can take a long time to complete. Often while your new office is being built, you would still need to rent or lease while waiting for construction to be completed. This will double your monthly costs for months up to a year.
-Generally, Medical buildings are already well equipped. If you are just starting your business this could help with over all costs. Medical equipment is another aspect of business that is costly.
-These buildings or offices are already built in high traffic, popular areas. If these buildings are already established it could be easier to grow your patient base.
-These established buildings are more convenient for patients. Patients prefer to have their doctors or dentists within close proximity to one another. It saves them time.
-Renting or leasing leaves the landlord responsible for equipment and repairs. Unless equipment can be bought new, it will require repairs.
2. How the market has changed and how it will continue to change.
The market has changed over the years for a variety of reasons. Much like everything else technology has had a hand in this. The way businesses operate has also played a part. For instance, space requirements are changing. Some businesses are not requiring as much space as they once did. This could be because some business is going digital or companies are trying to keep smaller staff.
There are some real positives to the changes in the way the market functions. The internet has changed how individuals or companies are searching for properties. Largely gone are the days where clients would go to offices to look through listings with a real estate agent. You can now search listings and information on properties prior to leaving your current location. This allows clients to search properties in the comfort of their own space. To bring in business real estate agents and brokers have made their own businesses better. Service has now become higher quality and more personalized. The internet also allows people to find better real estates agents or brokers. This is what is driving agents and brokers to have better business practices. If an agent is not easy to work with, they will likely have a difficult time gaining and keeping clients.
Other changes are that homeowners and renters, including business renters, are being more cautious and careful choosing residences or buildings for lease and rent. Properties are selling quickly. Some only stay on the market long enough for paperwork to be done, which can be as little as 20 days. Markets can move at a break neck pace that is hard to keep up with. Another change to market is that businesses and would be homeowners are more willing to rent than buy.
3. Why you should use real estate agents and brokers rather than going at it alone.
There are several reasons that real estate agents or brokers are the best way to rent or lease a building or office. Not everyone is well versed in contracts or lease agreements. Broker or real estates agents help negotiate contracts with the landlord. This can save time and confusion for all involved. They also help with the paperwork that is involved. There can be piles of paperwork associated with one lease. Since leases vary from landlord to landlord or building to building, using a real estate agent or broker will ensure you find the best deal for you. Again, it also helps clear up any confusion when looking from building to building. Brokers also have your nest interest, while listing agents are there to protect landlords. Agents and brokers save you time. Not only do they know the market, they have information on what properties are for rent or where they are. They also have great connections. Keep all this in mind when looking for a place to lease or someone to help you lease it.
4. The residential and commercial markets in VA
Rent for buildings in Virginia are at a great price. They are also showing a steady incline but are still reasonable rates. More companies are leasing, which is helping make a stronger market. The median sales price for residential properties is $265,700. That is $156 per square foot. The median rent for residential properties is $1,500 a month. Seventy-six percent of the homes are owned in the state. To rent or lease a commercial property, there are leases as low as $0.75 a square foot.
Both the residential and commercial markets are strong and growing steadily. Make certain that you use a broker or real estate agent as a buffer between you and the landlord. They can also help you find the best property that can work for your dental office or private practice.