LEASE NEGOTIATION & RENEWAL
At the bargaining table – that’s where the expertise Syncore brings can make a tremendous difference in your bottom line. With our extensive knowledge and experience in medical real estate, we’re able to deal with the landlord effectively on your behalf.
Negotiation: It’s not personal, it’s business.
Syncore negotiates with investors and business owners of medical office spaces exclusively, and one thing we know for sure: this has to make good business sense to them. At the end of the day, the landlord cares about the numbers. Landlords must consider:
- The benefits – A tenant doctor generally signs longer-term leases. And once they set up a location, because of the dollars the doctor has invested, doctors generally don’t move.
- The challenge – Because a medical office space is very expensive to build, landlords need to offer reasonable tenant allowances to attract doctors.
How Syncore advocates for you
This is our expertise – this is where we can help you secure the space you want. We are experts at negotiating for generous tenant improvements allowances and better terms. It’s all about presenting your story: We articulate to the landlord what needs to be done to build out the space, the costs, and the timelines. The more information we can provide the landlord, the better chance we have for a successful negotiation.
Because Syncore Founder Sean Regan has done this for so long, by the time the doctor sees the spaces, Sean has already considered a hundred or more spaces.
“I consider dimensions of the space, where the supporting walls are – I’ve designed medical practices so I know what to look for. If it doesn’t lend itself to an efficient design, then there’s no reason to spend your time on it. When I do choose a space, we’ll walk it together and I can show you how I might lay it out and why the space makes sense.”
Lease renewal – an ideal time to negotiate for tenant improvements
What are the main considerations during a lease renewal?
- First and foremost, we need to make sure that the rent that you’ve been paying or that the landlord is suggesting you pay when you renew the lease is satisfactory and congruent with the market.
- Second, we need to look at the condition of the space itself. In many cases, it’s been five to ten years since the doctor has renewed the lease, so the space may need improvements such as new carpet or paint.
Negotiating space improvements as part of the lease renewal are one of the areas we have been especially successful in helping doctors. Most doctors don’t think of this; they assume the renewal is just the rent, and any improvements come directly out of the doctor’s budget. In fact, landlords are the beneficiaries of all the improvements made to the space and will likely contribute to the cost. The tenant gets the immediate benefit because it helps their business, but you’re improving the landlord’s asset.
We will negotiate on your behalf to get the landlord to pay for some or all of the improvements to update your space. By getting the landlord to contribute, you can reallocate the funds you set aside to update the space to buy a new piece of technology to update your practice.
Let Syncore help you get the best possible terms in your lease negotiations.