Each type of medical facility—whether a doctor’s office, laboratory, dental suite, therapy office, chiropractor suite, spa & wellness center, or research facility—has distinct requirements, setting it apart from standard commercial real estate in New York City.
Plus, truth be told, Manhattan’s market isn’t exactly brimming with options tailored to these specialized needs.
Adding to the challenge, not all landlords possess the know-how or willingness to accommodate the unique functionality and build-outs that medical practitioners seek. That’s when partnering with a skilled commercial real estate broker can be a lifesaver in overcoming the obstacles of identifying and honing in on a healthcare property that meets the needs of your practice.
This article will explore three neighborhoods that boast prime Manhattan medical spaces. The goal is to ease your search, help you make a well-informed decision, and bring you closer to your dream medical office.
Manhattan Medical Space Hunt: Top Factors to Consider
Embarking on the journey to find your ideal healthcare space? Before unveiling the top three neighborhoods, it’s first vital to understand regulations. Then, once you pinpoint your unique requirements, communicate them to your commercial real estate broker. Remember, your priority is catering to the needs of your medical staff and patients alike.
Location, Location, Location
Keep location at the forefront of your search. Ensure it meets the needs of both your practice and patients. Focus on transit-oriented, walkable areas with high foot traffic and close proximity to hospitals and medical facilities. In addition, be sure to research the demand for your services and potential patient population, including executives with quality insurance plans. Top executives in business districts often have excellent insurance plans and prefer the convenience of visiting medical practices near their office.
ADA Compliance & Accessibility
Ensure your medical space adheres to Federal American Disabilities Act (ADA) guidelines. Find a space that offers easy access for patients with limited mobility.
Infrastructure & Amenities
When searching for Manhattan medical space, prioritize essential infrastructure such as electrical and HVAC systems, as well as specialized plumbing and waste disposal provisions. Keep in mind that landlords may not cover the entire cost of plumbing. Hence, finding a space with extensive plumbing can save you significant expenses.
Reception & Waiting Areas
You’ll want to create a welcoming and comfortable patient environment in your Manhattan medical space. A reception area and visually appealing waiting area with privacy and safety can make a difference in enhancing the patient experience.
Safety & Security
Prioritize safety and security, both within the building and the surrounding neighborhood.
Parking in Manhattan can be a headache, which is why it’s important to research the location of nearby parking garages. Don’t wait until negotiations have started on a space to realize there’s inadequate parking. Instead, keep your broker informed from the get-go to ensure that parking needs are met. Remember, ample parking for medical staff, patients, and visitors is a must.
Build-Out Options & Lease Terms
When touring medical offices with your broker, prioritize staff and patient needs. Firstly, evaluate the layout, size, and functionality of the space. Once you’ve got architectural plans for the ideal layout, retain existing infrastructure to minimize costs. Then, submit an offer with required improvements. Keep in mind landlords provide a build-out allowance, but exceeding it puts you on the hook. Finally, assess aesthetics and build-out costs to transform the space into a comfortable, safe, and visually appealing environment.
The Top 3 Neighborhoods for Manhattan Medical Space
Look no further than these three neighborhoods if you’re pursuing Manhattan medical space for your practice. We’ve curated a list of locations that provide walkability, ample foot traffic, excellent public transit options, and close proximity to hospitals and medical facilities.
1. Upper West Side
Nestled in the heart of upscale Uptown Manhattan, the Upper West Side offers the perfect location for healthcare professionals looking to establish their practice in a thriving and affluent community. This highly desirable neighborhood boasts a dense population of high-income residents, providing a lucrative patient base for medical practitioners. Moreover, the Upper West Side offers abundant ground-floor medical space with direct street access. That’s just the tip of the iceberg as to why many physicians, dentists, physical therapists, psychologists, and psychiatrist pick this neighborhood.
2. Upper East Side
If you’re a practitioner looking for medical space, consider the Upper East Side. This highly sought-after neighborhood is known for its convenience and accessibility. It is an ideal location for healthcare providers who need to be close to some of the city’s most renowned hospitals like New York-Presbyterian, Lenox Hill, Mount Sinai, and the Hospital for Special Surgery.
Several commercial buildings in the Upper East Side are dedicated to serving the needs of healthcare practitioners, offering specialized medical space for rent or purchase. Some notable buildings include 200 West 57th Street, 57 West 57th Street, and 161 Madison Avenue. Additionally, you may find ground-floor space in residential condominiums or co-op buildings in the 60s, 70s and 80s close to hospitals.
It’s worth noting that the high demand for medical space in the Upper East Side means that average rents are higher than in other neighborhoods. However, the benefits of being in such a prime location may outweigh the added cost.
3. Grand Central
Grand Central is a historic district that’s undergone a remarkable resurgence in recent years. It offers a wide selection of historic Class A office buildings that are now open to healthcare tenants, including psychiatrists, physical therapists, and alternative health care providers. Some of the healthcare-friendly buildings in the area are 501 Fifth Avenue, 370 Lexington Avenue, 122 East 42nd Street (The Chanin Building), and 18 East 41st Street.
Choosing Grand Central as your medical space location offers the advantage of being close to high-earning executives who could be potential patients with extensive medical insurance coverage. The district also boasts excellent transportation options for clients from other parts of the city.
What’s more, the relocation of major companies from Lower Manhattan to Grand Central has contributed to the area’s resurgence. This fact makes it an even more attractive location for healthcare-related businesses. With plenty of options for medical space and the district’s rise to prominence, Grand Central is definitely a prime location worth considering.
Honorable Mention: The Financial District
The Financial District is an excellent option for healthcare professionals to set up a medical practice. Not only is it a prestigious business district. It’s also one of the fastest-growing residential neighborhoods in the city. The area offers a unique combination of both commercial and residential advantages, making it an attractive option for healthcare professionals.
What’s more, rents for medical space in the Financial District are comparatively more affordable than other Manhattan submarkets. Moreover, the district has high-quality Class A buildings and easy access to Brooklyn and New Jersey.
The Key Takeaway
Successfully operating in Manhattan’s dynamic medical space market requires specialized knowledge and experience. That’s why it’s essential to partner with a skilled commercial real estate broker who has a proven track record of representing healthcare providers from a variety of specialties.
Consider exploring the prime neighborhoods of Upper West Side, Upper East Side, and Grand Central. Each offers unique advantages for medical professionals. Plus, don’t forget to check out the Financial District, which boasts affordability and amenities.
Remember, finding the perfect location for your medical practice is vital for its success. Trusting in an experienced broker ensures you’re well-positioned to thrive.
Are you looking for office space for your medical practice in Manhattan? To speak with an expert about renting medical space in one of these neighborhoods, call Metro Manhattan at (212) 444-2241 or use our Contact Form.