Where can you find the most suitable medical office space in Manhattan, and how much will it cost to rent this space? Finding commercial office space for medical use poses a significant challenge for healthcare professionals. The healthcare industry has unique requirements that differ from other types of commercial real estate in New York City, and every medical facility is unique. Depending on your type of practice, commercial medical space might include doctor’s offices, laboratories, dental suites, therapy or psychiatry offices, chiropractor suites, spa & wellness centers, and even research facilities. Each of these types of spaces has different needs, and unfortunately, there aren’t too many office buildings in New York City that are ready to meet them.
Moreover, not all landlords are able (or willing) to provide the necessary functionality and buildouts to suit medical practitioners. Assistance from an experienced commercial real estate broker can be vital for identifying buildings and landlords willing to meet the needs of a medical practice in a prompt and efficient manner. That’s why today, we want to discuss some of the unique challenges associated with commercial medical spaces and offer a few insights when it comes to finding a suitable medical space in Manhattan.
Things to consider when looking to rent medical space in Manhattan
If you’re looking for a new space for your healthcare business in Manhattan, you must first identify and take note of your exact requirements. Since most of them are non-negotiable for your practice, it’s important to help your commercial real estate broker understand your specific needs before helping you search for your new space. Medical office spaces must abide by a multitude of regulations, and they must be ready to cater to the needs of both doctors and patients. Below, we will review some of the essential amenities that healthcare professionals look for in a new office space.
- A transit-oriented, walkable location that is easily accessible for clients
- Demand for your specific services in the area that you plan to serve
- Proximity to hospitals and other medical facilities
- A building that allows heavy daily foot traffic
- Federal American Disabilities Act (ADA) compliance and ease of access for patients with limited mobility
- Robust electrical infrastructure to power medical equipment and backup/emergency generators
- Excellent lighting and HVAC systems to make patients comfortable
- Special infrastructure to accommodate plumbing in consultation rooms, patient rooms, bathrooms, operating rooms, laboratories, and so on
- Provisions and equipment to store and dispose of hazardous waste
- Suitable reception areas and waiting rooms
- Safety and security, both within the building and the neighborhood surrounding it
- Parking for medical staff, patients, and visitors
- Turnkey buildout options provided by the landlord or tenant allowances to equip the space for medical use
- Favorable lease terms for longer or shorter leases, depending on your needs
When searching for a suitable commercial space in Manhattan, healthcare-related businesses must consider the needs of their medical staff and those of their patients. Walking into a doctor’s office is often an intimidating experience for a patient; therefore, the space must provide comfort, safety, privacy, and basic visual appeal. Medical professionals must consider the aesthetics of a space as a factor when searching for a new location for their practice and determine the necessary work and costs required to build out a particular space to an acceptable standard. The tenant can then negotiate these buildouts or upgrades with the landlord based on these estimates. The assistance of an experienced commercial real estate broker can help obtain the best possible terms for the tenant.
The best 3 Manhattan neighborhoods for healthcare professionals
If you’re looking to lease medical space for your healthcare business, this article will help point you in the right direction. To help you simplify the search process, we’ve identified a list of 5 Manhattan neighborhoods that can meet the demand of health practitioners. These neighborhoods offer walkability and sufficient local foot traffic. In addition, they have excellent public transit connections, appropriate security within many buildings, and proximity to hospitals and other medical facilities. These are all factors that we’ve considered for making this list. 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.
1. Upper West Side
The Upper West Side is one of the best neighborhoods for medical practitioners and healthcare-related businesses. This upscale Uptown Manhattan neighborhood is in high demand among physicians, dentists, physical therapists, psychologists, and psychiatrists. It is an ideal fit for professionals looking to rent quality ground-floor medical space to establish their practice and be close to affluent patients. A high-density, high-income, primarily residential neighborhood, the Upper West Side also offers plenty of ground-floor medical space for lease with direct street access. Rents for medical space in the Upper West Side range from $55 to $90 per square foot.
2. Upper East Side
The Upper East Side offers an unrivaled location close to many of NYC’s top hospitals, including New York-Presbyterian, Lenox Hill, Mount Sinai, and the Hospital for Special Surgery. It is a highly sought-after destination for healthcare professionals due to its proximity to various medical facilities and public transportation. The area is home to numerous practitioners, and there are multiple medical buildings located between Fifth and Eighth Avenues, easily accessible to UES residents.
Certain commercial landlords in New York City market medical space in office buildings dedicated to serving the needs of health care practitioners. Examples of such medical friendly buildings are 200 West 57th Street, 57 West 57th Street, and 161 Madison Avenue., Some residential condominium or co-op buildings also rent out or sell ground-floor space to medical practices, especially in areas close to hospitals. This high demand results in higher average rents: medical space on the Upper East Side costs between $60 to $105 per square foot as of November 2021.
3. Grand Central
The Grand Central district offers over 55 million square feet of office space in New York City, and it’s quickly regaining popularity ever since commercial development has picked up in the area, leading to what some call a revival of this iconic district. While it’s famous for encompassing landmarks such as the Chrysler Building and Grand Central Terminal, it has seen major new developments such as the recently completed $3.3B 93-story One Vanderbilt skyscraper developed by SL Green, as well as the upcoming 89-story skyscraper at 175 Park Ave which will replace The Grand Hyatt hotel by 2030. The benefits of situating your medical practice in Grand Central include having access to many well-paying executive clients who are fortunate to have extensive medical insurance coverage, as well as providing excellent transportation options for clients coming in from other parts of the city.
Quite a few major companies that used to have their corporate offices in Lower Manhattan, have moved to Grand Central over the past few years, further contributing to the revival of this beautiful and historic district. Prices for renting medical space in Grand Central part of Midtown Manhattan range from $40 to $90 per square foot.
Honorable Mention: The Financial District
It’s important to highlight the Financial District, or FiDi, in Lower Manhattan as a suitable destination for medical and healthcare practices. It represents one of the most prestigious business districts in the city and one of the fastest-growing residential neighborhoods in the borough of Manhattan. Consequently, acquiring a business address in this area offers the best of both worlds to healthcare professionals: access to a high-density office hub with plenty of walk-in opportunities, as well as access to a growing residential neighborhood with long-term growth.
Lower Manhattan doesn’t house any major hospitals, so residents and workers here have to suffer a long commute to reach Mount Sinai or New York-Presbyterian, for example. Having access to medical services during a lunch break or after work is crucial, which is why medical space is in high demand. Prices range from $35 to $70 per square foot, but they are on the rise as the neighborhood expands and evolves.
Are you looking for office space for your medical practice in Manhattan? For 17 years, Metro Manhattan Office Space has been successfully representing tenants of all sizes in their search for office space in Manhattan. To learn about available office spaces, call us at (212) 444-2241 or email us at [email protected]