RESEARCH & INSIGHTS
Six Compelling Reasons to Partner with A Healthcare REIT for Your Medical Office Lease
In the dynamic world of healthcare real estate, finding the right leasing partner is crucial for professionals seeking medical office spaces.
While there are several options, partnering with a healthcare Real Estate Investment Trust (REIT) offers distinct advantages. As a wholly-owned subsidiary of the healthcare REIT Ventas, Lillibridge Healthcare Services provides unique specialization, expertise, access to capital, and integrated service that benefits its medical tenants.
Let's explore six reasons why partnering with a healthcare REIT-owned company like Lillibridge can be a game-changer for your medical practice.
1. Specialized Resources for Smoother Transitions
Moving into a new medical office space can be complex. Each space has its unique challenges, and managing the transition can be overwhelming without specialized resources.
Healthcare REITs have access to capital, relationships with established health systems, and teams of specialists who ensure each transition is smooth and strategic. For instance, a medical education institute expanding in a densely populated urban area might face challenges like limited space and parking constraints. A healthcare REIT can offer a strategically located building, facilitate partnerships with nearby medical facilities, and tailor the space to meet specific needs, such as creating additional parking spaces, improving building visibility with signage, and transforming office spaces into student laboratories.
2. Unparalleled Expertise in Medical Space
Expertise is crucial in real estate, especially when dealing with medical spaces. While many landlords have diverse portfolios, REIT-owned companies, like Lillibridge, focus exclusively on healthcare spaces. This specialization is vital because selecting a medical office isn’t just about size or location; it must comply with regulations, integrate medical equipment, and ensure patient comfort.
Certificate of Needs (CON’s), Stark Laws, and Ground Lease / Hospital requirements are just a few examples of the intricate regulations medical professionals navigate daily. Even proficient landlords might not be aware of such rules, risking legal troubles or inconveniencing healthcare professionals. However, a specialized healthcare company, like Lillibridge, understands healthcare laws and ensures that its spaces are compliant and safe. Their team comprises regional specialists who provide comprehensive coverage of key U.S. markets, curating exceptional care environments for every medical practice.
3. Premium Medical Facilities for Exceptional Care
Healthcare professionals need facilities that allow them to provide the best care possible. Over the past decade, there has been a significant emphasis on enhancing patient experiences within hospital campuses. Unlike other property owners, healthcare REITs have the capital to invest in their buildings, offering properties with:
- Top-Tier Infrastructure: Ventas, for example, has an expansive portfolio of Class A medical office spaces characterized by premium design, high-end amenities, and quality infrastructure.
- Strategic Locations: Location is a strategic asset for any business. For healthcare businesses, proximity to major hospitals and medical centers enhances accessibility and opportunities for collaboration. Ventas assets are predominantly located near renowned medical establishments, creating a seamless healthcare ecosystem. These buildings are in the heart of growing communities, promoting a consistent patient inflow.
Commitment to Sustainability: While tenants might not always prioritize sustainability when choosing a medical space, having a landlord that focuses on it can offer significant benefits. Sustainable buildings not only contribute to a healthier environment but also help tenants in practical ways.
Lillibridge emphasizes sustainability initiatives to drive down waste, cut costs, and reduce ecological footprints. These efforts have earned recognition from organizations like EnergyStar and LEED, showcasing their commitment to a green future.
By choosing a landlord that invests in sustainable technology, tenants can enjoy:- Lower Operating Costs: Energy-efficient buildings reduce utility bills, leading to cost savings.
- Enhanced Comfort and Health: Improved air quality and natural lighting create a healthier and more comfortable environment for both staff and patients.
- Positive Community Impact: Sustainable practices demonstrate a commitment to environmental responsibility, positively influencing the community's perception of the practice.
Overall, Lillibridge’s dedication to sustainability ensures that their medical spaces are resilient, efficient, and environmentally conscious, providing tangible benefits to their tenants.
4. Expert Management for Seamless Operations
Tenants benefit from a dedicated management team that understands the intricacies of healthcare facilities. This team oversees maintenance and ensures smooth operations, allowing medical professionals to focus on patient care.
Lillibridge prioritizes workspace functionality and safety, supported by on-site management and responsive service request systems. Immediate attention to concerns minimizes disruptions for tenants, enabling them to concentrate on providing exceptional care to their patients. To ensure they meet and exceed expectations, Lillibridge utilizes Kingsley Surveys to monitor tenant feedback, which guides their ongoing improvement efforts.
This commitment has earned Lillibridge a position in the Kingsley Excellence Awards' Elite 5 in the medical office sector –– a prestigious honor reserved for the top five companies with the highest overall tenant satisfaction scores nationwide, signifying those with the happiest tenants.
5. Leading Design & Technology for Modern Tenant Experiences
Staying up-to-date with design and technology advancements is essential in healthcare. Medical REITs prioritize the latest in tech and design to enhance the quality of care for patients. This includes:
- Document Management Systems: Streamlining operations with secure, digital document accessibility.
- Virtual Tours: Offering a complete preview to potential tenants, aiding informed decisions.
- Tenant Portals: Providing real-time communication, lease management, and amenities updates.
- Eco-friendly Building Technologies: Minimizing environmental impact while optimizing costs.
- Advanced Security: Prioritizing the safety of patients, staff, and equipment.
- 3D Property Designs: Enabling tenants to visualize and modify spaces before commitment.
Lillibridge exemplifies this commitment with its $45 million project at Desert Medical Center in Mesa, Arizona. The revamped office park, which spans 313,000 SF across four buildings, features new atrium lobbies, updated restrooms, solar shades, and more.
The project also unveiled versatile spec suites that accommodate medical practices of various sizes. Additions like ample parking and prominent signage further highlight Lillibridge-Ventas's commitment to a comprehensive, modern tenant experience.
6. Flexibility and Scalability for Growing Practices
As healthcare providers grow, their spaces must adapt. REITs specializing in healthcare real estate, with their extensive portfolios and tenant-focused approach, offer this necessary flexibility:
- Flexible Leasing Options: Accommodate growing patient numbers or diversified services.
- Seamless Transitions: Easily move to larger spaces within the same REIT's portfolio.
- Consistency Across Markets: Maintain uniformity in lease terms, property amenities, and tenant experience when expanding to multiple locations, thanks to properties spread across key markets.
By providing exceptional flexibility and scalability, healthcare REITs can serve as strategic partners, enabling medical practices to achieve new levels of success.
Conclusion: The Future of Healthcare Real Estate Lies with REITs
In today's healthcare landscape, selecting the right medical office space is crucial. Partnering with a medical REIT provides significant advantages:
- Smoother Transitions: Access to vast resources, experience, and connections ensures seamless transitions for medical practices.
- Expertise in Niche Spaces: Specialization in medical real estate means spaces are tailored to the unique needs of healthcare providers.
- Premium Facilities: Offering Class A medical office spaces that ensure optimal patient care.
- Management Excellence: Tenants benefit from top-tier management and maintenance, allowing them to focus solely on patient care.
- Technological Edge: Investment in modern design and technology enhances patient and practitioner experiences.
- Flexibility and Growth: Adaptable leasing options and extensive portfolios support the dynamic growth of medical practices.
Choosing a REIT-managed space like those offered by Lillibridge not only addresses the immediate needs of healthcare providers but also sets the foundation for long-term success in a rapidly evolving industry.
