Finding the right dental office for rent in Philadelphia takes research and persistence, but it really pays off.
Medical Real Estate Focused Team
Industry Leading Demographics
Hundreds of Successful Clients
So, you’re thinking about space for your practice in Philadelphia – exciting! Navigating the commercial real estate market is a little different than the residential one, so we’ve created this short guide of tips and key pitfalls to avoid when searching for a dental office for rent in Philadelphia.
Where can you find a dental office for rent?
Commercial Real Estate Agents
Commercial Real Estate Agents use their local market knowledge and relationships alongside databases of properties to find and screen available properties for their clients.
Most commercial real estate agents specialize in either landlord representation or tenant representation. We almost exclusively represent medical tenants, the majority of which are dentists looking for the perfect location to set up their practice.
Hit the Street
Driving through neighborhoods you are interested in can be a good way to get a feel for what is out there on the market. When trying to find a dental office for rent in Philadelphia, you’ll want to be sure to take note of any existing practices that are nearby.
There are a variety of neighborhoods in Philadelphia suited to opening a successful dental practice.
The City Center area includes neighborhoods such as Penn Center, Rittenhouse Square, Callowhill, and Old City.
South Philadelphia is home to the neighborhoods of Bella Vista, Hawthorne, and Wharton.
In the West and Southwest areas of the city you will find the neighborhoods of Eastwick, Penrose, Dunlap, Cedar Park, Spruce Hill, and Cobb’s Creek.
The Northern portion of Philadelphia includes Glenwood, Kensington, Roxborough, Andorra, Mount Airy, Germantown, Olney, Fox Chase, Northwood, Mayfair, and Somerton among many others.
Keep in mind: if you go to the landlord’s broker without an agent to represent your interests, the landlord’s broker keeps the entire listing fee from the landlord instead of splitting it with your representative.
Some landlords won’t pay a tenant agent (your agent) if you’ve discussed a space in depth with them on your own previously. This can make it tricky to bring in outside representation later.
There are several listing services that are available for free online. They are less comprehensive than paid databases and are often less frequently updated. Searching through these is a great way to get a feel for what you like and don’t like in commercial properties, but this can be a hard way to find the right dental office for rent. Take note of any property features or amenities that strike you as important for your practice.
Philadelphia Dental Demographics
Philadelphia is the largest city in Pennsylvania and the 6th largest city in the United States. According to the 2018 census estimate, the city’s population reached 1,584,138. Philadelphia County is the eighth largest metropolitan area in the U.S. with an estimated population of over 6 million residents.
The median resident age in Philadelphia is 34.1 years, significantly lower than the Pennsylvania median age of 40.6 years.
Median household income in Philadelphia is estimated at $41,449, also significantly lower than the Pennsylvania average of $56,907.
2016 demographic estimates show significant minority concentrations in Philadelphia including Blacks, Hispanics, and Asians.
Medical Real Estate in Philadelphia
Due to the large concentration of people in Philadelphia, space comes at a premium. Costs per square foot can be extremely high and occupancies rare in certain competitive neighborhoods. This is why it is vital to have a well-rounded understanding of the many factors that go into selecting an ideal location for your dental or other medical practice.
Get the benefits of agent representation at no cost to you
A commercial real estate agent specializing in medical leasing can help you to consider all of your options and select the perfect location that both fits within your budget and satisfies all of your business needs.
Best of all, commercial landlords typically pay the entire agent fee when finalizing an agreement. Why not take advantage of the benefits of enlisting qualified professional agents that will help you to get the best deal on the right property.
Ways to offset lease expenses in your dental practice
Although the rent for your Philadelphia dental office may seem to take up a large part of your expenses, there are several ways you can help bring those costs down.
Consider renting out an operatory to specialists wishing to do work for patients in your area. Keep non-profit-producing space to a minimum. Efficient scheduling practices can help to eliminate the need for a large waiting space. Or, consider whether a similar but less expensive neighborhood would be a better deal for the bottom line.
Lease costs for healthcare real estate in Philadelphia can be expensive, but there are enormous opportunities for great dentists who start their practices off right with the perfect location. location
Ready to find a dental office for rent?
We do the heavy lifting of combing through property databases and running demographics and competition reports for you. We work exclusively with medical clients, so we know how dental practices work and what it takes to be successful. Use the form below to get in touch and we’ll reach out shortly.