This question is from NP Cecelia in Portsmouth (VA):
I have a question for you, I am leasing a new property that I will spend approx $34,000 in contract work to build the inside clinic. Is that the norm or should I expect some type of refund post my lease for the money I put into finishing my portion of the building?
My Response: This will depend on what was negotiated in the lease. Often times, especially on a new construction, the owners will “build to suit”. They have to finish the building to code anyway, and they will often do so in a way that will meet your needs. Mind you, if you want something particularly fancy or specialized, you will often have to pay for the extra.
A friend of mind did something similar here in WA State. It was a new construction for medical office space. She was able to work with his architect/designer and have the layout build to her specifications.
This is where your homework comes in. What is common in your neck of the woods as far as leasing new construction? How competitive of a market are you in? Is this a specialized place or is the entire building medically oriented?
Readers: do you have any comments about this? Have you been involved in this sort of situation before? What did you do?