Our client was challenged with providing a consistent service model for leasing and high-level real property administration for 38 properties in six (6) different counties. Determining physician and departmental needs for these non-ambulatory medical office buildings, leasing strategy, and total cost of occupancy was not a core competency for existing staff. Lack of proactive planning and cost containment resulted in unnecessary vacancy and under-utilized assets.
COMMERCIAL REAL ESTATE
Commercial Property Management & Brokerage | Healthcare
Bradley Company
Advisory & Brokerage Services, Northwestern Indiana
Services Provided
Advisory & Brokerage
Commercial Maintenance
Commercial Maintenance
Statistics
38 properties in six (6) counties
Client
Major Regional Healthcare Firm
Client
Case Study
Major Regional Healthcare Firm
Northwestern Indiana
Background
Our client was experiencing the challenge of providing a consistent service model for leasing and high-level real property administration for 38 properties in six (6) different counties. Determining physician and departmental needs for these non-ambulatory medical office buildings, leasing strategy, and total cost of occupancy was not a core competency for existing staff. Lack of proactive planning and cost containment resulted in unnecessary vacancy and under-utilized assets.
Strategy
Leasing:
- Senior Broker assigned for all vacant space marketing, and site/property acquisitions/dispositions
- Leasing Associate responsible for occupancy strategy, routine renewals and physician relations. Provided a single point of contact for coordinating all leasing functions that exceeded over 80 transactions in 2015
- Fixed consulting fee for small lease transactions
- Preparation of annual budget for revenue, operating expenses and net operating income by property and county
- Lease administration for critical dates, rent adjustments and common area maintenance charges
- Work order management system for dispatch, response time tracking, issue escalations and tenant billable expenses
- Staff augmentation with technical services, sub-contractors, tenant improvements and high-volume support
Results
Our service delivery model was customized to specific areas of the client’s needs. Our consultative leasing approach resulted in higher physician retention and a lower total occupancy cost. Administrative support provided transparency to real estate operating expenses and critical lease dates to eliminate any “leakage” of expense being absorbed by the client.
Maintenance staff provided on-call services at pre-negotiated rates improving response time and providing the owners with a dependable source for a variety of services. Maintenance management system provided data for both accountability and annual maintenance budget development.
STRATEGY
RESULTS
Our service delivery model was customized to specific areas of the client's needs. Our consultative leasing approach resulted in higher physician retention and a lower total occupancy cost. Administrative support provided transparency to real estate operating expenses and critical lease dates to eliminate any “leakage” of expense being absorbed by the client. Maintenance staff provided on-call services at pre-negotiated rates improving response time and providing the owners with a dependable source for a variety of services. Maintenance management system provided data for both accountability and annual maintenance budget development.
Ask our Advisors
