Having a tested approach to guide a project
from vague concepts through construction
to full occupancy is vital to developing
a medical facility for a hospital.
Just as important is being flexible to
overcome every project's unique snags.
Revell Lester
Project Development Services
In order to successfully guide a project from
initial discussions of "needing more space" to leasing a newly
constructed facility, one should have excellent planning ability and
experience in dealing with contractors, physician tenants, and hospital
administrators, all of whom have different objectives. Healthcare Realty
Trust's Project Development team has developed these qualities and has
worked with health systems nationwide to define their real estate needs
and bring projects to fruition.
The group participates in all aspects of the
development and leasing process. We begin by validating clinical
demand for the proposed facility through individual meetings with
prospective physician tenants. These interviews yield valuable
information about what physicians’ space needs might be, what services
(e.g., pharmacy or imaging) would heighten their interest in
leasing space in the building, and what economic issues may factor in a
physician’s decision to relocate. The group also
explores zoning and building code requirements, evaluates parking needs,
and conducts market surveys of comparable, competing buildings. Based on
this information, we work with the health system to establish the
appropriate
size of the building - and include ample vacant space to allow for
future growth, prepare a preliminary development budget, and generate an
initial pro forma economic analysis.
The greatest barrier a prospective tenant faces in deciding whether to
lease space is economics: lease cost and construction cost. The Project
Development group aids physicians in gaining confidence in its economic
commitment by providing them with space programming and guaranteed
construction pricing for their suites,
accelerating the leasing process.
