Finding the right location for your healthcare workplace can be challenging, and where your practice is based can make all the difference to your success and profits.
A co-tenancy clause in your lease can help you attract new patients and offer the best range of services to your current clients. Read on to find out more about co-tenancy clauses in healthcare real estate and how they can benefit your practice.
What Is A Co-Tenancy Clause?
A co-tenancy clause makes up part of the agreement between a landlord and tenant. It is aimed at businesses of a similar nature, such as retail businesses or healthcare facilities. It is designed to protect the tenant from harm caused by other tenants in the agreement leaving the area.
It is often used in spaces like shopping malls or healthcare facilities, where each tenant benefits from the foot traffic created by other businesses in the area. The clause protects each business should they be impacted financially by a company leaving their tenancy, providing recourse such as rent reduction or the ability to break a lease early.
How Does A Co-Tenancy Clause Benefit Healthcare Practices?
A co-tenancy clause can be very beneficial for healthcare businesses, increasing foot traffic and visibility among a greater number of possible patients. They can also help you grow your customer base through things like referrals, provided you can build up a good working relationship with the other healthcare practices in your building.
Patients are often attracted to facilities where they can access the greatest number of healthcare practices at once, with minimal fuss. You should ensure that the location you choose has excellent transport links and plenty of parking available for patients to make it as attractive as possible.
What To Look For In Co-Tenants
The co-tenants you choose to surround yourself with will make all the difference to the success of your practice. You should look carefully at the options available to see which practices will complement your own without competing for the patients available. If you operate a mental health practice, it may help to find co-tenants that offer complementary but not competitive services such as massage therapy or physiotherapy.
Each practice can then provide referrals for the other, creating an incredibly beneficial mutual relationship. It is best to avoid locations where there are already established practices offering the same services to patients that you do.
How Healthcare Real Estate Firms Can Help
Here at HBRE, we pride ourselves on offering the very best healthcare real estate services. We are equipped to help healthcare practices across the U.S. find the right fit in terms of facility space and co-tenants available. If you want to find out more about the excellent options in your area, get in touch with a member of our team today.
About HBRE
Headquartered in Nashville, Tennessee, HBRE is a full-service commercial real estate firm specializing in healthcare real estate. With over 50 years of combined industry experience serving 28 states across the U.S., we deliver exclusive healthcare solutions so you can provide the best patient care.
