This is often a common question we hear from clients particularly those who are starting a practice or opening a satellite office. Here are a few things to consider when making this important decision.
- Are there financial benefits between a 5, 7, or 10 year lease? Often, not always as we have found, Landlords will offer greater concessions in return for a longer lease term.
- How stable and confident are you in the needs of your practice? Will the space allow you to grow over time according to your business plan? Is there flexibility in expansion at this location?
- How much of your money will be invested to build out the space?
Every practice is different with different needs. There is no 1 right answer for every practice. If you carefully think through the above questions, you will likely come to an answer that is best for you!
Let us know if we can answer any questions for you regarding this topic.