Securing an office location for your dental practice can be an intimidating process. If you’ve just graduated and have student loan debt, you may be concerned about incurring more debt with the purchase of a property. Many dentists find that leasing is a more prudent option. Regardless of your decision, know that if you are armed with accurate research and data, you can position your practice in a location that will actually drive your business.
You will need to determine your market and where you will draw your client base, and a real estate professional can help you look at the competition and where they are located. Selecting the right geographic location for your practice is a key to successfully driving customers through your door. A real estate professional should be able to provide a market analysis of the area in which you wish to locate. This analysis will include information on demographics, age groups, median incomes, competitors, available sites, nearby amenities, etc. Understanding your competition and the potential market will help you determine where to set up your practice.
Depending on your practice, you may choose to locate in the suburbs where you can establish a client base of children and/or families. Most clients stay with their dentists because they are comfortable with them or the dentists are in their insurance network, so it will be important to locate in an area that is not overpopulated with dental practices. For example, looking for a location in an area of new housing or multi-family construction may be a viable option.
Some specialty dentists flourish with referrals from general dentist practices and other medical groups, in which case you’ll want to be located near their practices. Many clients want the convenience of combining dental visits with stops to the dry cleaners, the grocery or the local mall. You should consider nearby amenities in selecting space for your practice. An additional benefit to working with a real estate professional is their connection with others in the community, which may provide opportunities for partnerships, sharing space and other advantages.
Demand for dental services is on the rise, primarily due to an increase in office visits by Baby Boomers and with the Affordable Care Act, 34 million newly insured non-elderly Americans. Another trend is that people with expendable incomes are taking advantage of the latest technology to look and feel their best, including taking care of their teeth.
These trends make medical office space the healthiest and fastest growing commercial real estate sector in the U.S. In the greater Columbus, Ohio area, approximately 237 office buildings have almost 6.6 million square feet of inventory with a five-year average vacancy rate of 9.5 percent. A variety of options for office space is available, and the future looks bright whether you choose to lease, buy or build space for your dental practice. A knowledgeable real estate professional can help guide you through the site selection process and ensure that you choose a location that will work to your advantage.
If you are looking to reach Cassidy Turley Vice President Todd Barcus, he can be reached in the following ways:
- Via phone at (614) 827-1890
- Via email at Todd.Barcus@cassidyturley.com
About the Author
Todd Barcus is the Vice President of Office Brokerage Services for Cassidy Turley, a leading commercial real estate services provider that is recognized nationwide. Their mission is to provide integrated services that are creative, cost-effective, and responsive to clients’ specific real estate needs, which enhancing their business performance.