Practice growth – isn’t that what every dentist wants for their practice? With practice growth, though, comes a need for your practice space to grow. This is where an expansion lease clause can come into play. If you’re planning on any aggressive practice growth, you will want to consider whether or not a clause like the one below could be beneficial for your dental practice lease.
What is the expansion clause?
An expansion clause is when a landlord will provide a right to the tenant to expand into an adjacent space, if/when such adjacent space becomes available, before the landlord offers and/or markets the space to the general public or another tenant in the building.
Why is this important to dentists?
This clause is beneficial to a dentist because if/when your business is growing, it is advantageous to be able to grow without being landlocked in your current space. This allows you the flexibility to take only the space you require for your new business today, but have the opportunity to expand when your business continues to grow and needs more space.
If you would like to learn more about expansion or general dental lease information, contact me at 612.373.0281.
Look for lease clause #5 from the top 5 lease clauses to know for dental leases next week!