Embark on a journey of transforming veterinary properties for new tenants with our insightful video series, featuring Dan Feinberg, the President at Terravet. In this first episode, Dan addresses pivotal considerations surrounding the repositioning process to ensure your veterinary property is primed for success.
Delve into the major considerations that set the foundation for a seamless transition when repositioning real estate:
- Location Viability:
- Is this location suitable for a veterinary hospital?
- Assessing the type of area, is it in an industrial park or retail space?
- Understanding the Previous Tenant:
- Uncover insights into the previous tenant and their reasons for relocation. It could be that they have outgrown the space, but are there other factors that should be dealt with before a new tenant signs the lease.
- Traffic Analysis:
- Explore the traffic count to gauge the potential visibility and accessibility of the property.
- Market Demand:
- Evaluate the demand for other retail tenants in the vicinity.
- Costing and Requirements:
- Break down the costs and necessary adjustments to tailor the property for the next tenants.
- Tenant Compatibility:
- Consider the type of tenant that would thrive in this specific area. Would a General Practice Hospital be better suited than a Specialty Clinic?
Check out what Dan had to say about these key considerations:
As Dan explains, the key takeaways revolve around three pillars: size, location, and the demand for veterinary care. Join us as we unravel the intricacies of repositioning veterinary real estate, ensuring your property not only meets industry standards but also becomes an ideal space for new tenants. Keep an eye out for the rest of this series. In episode 2, Dan will explain how to determine the desirability of your property for new tenants.