Ms. Manley discussed real estate strategies in the context of a case study with Coastal Orthopaedics in Norwalk, Conn.
Key steps to real estate decisions start with the goal of the project. Next, facilities should consider their project timeline. Once the timeline is set, facilities start looking at site selection.
When it comes to site selection for a facility, Ms. Manley said while leaders may look at 40 to 50 sites overall, there really will be only a handful on the short list. Additionally, that short list should include the current facility, she suggested, as Coastal Orthopaedics did.
“We treated that just as we treated any other opportunity in the market, and we evaluated it like we would evaluate any other opportunity in the market,” she said.
Ms. Manley said architect selection should occur early on in the project process.
In terms of deal negotiation, Ms. Manley said to complete financial and operational comparisons for each potential site. Part of negotiation includes open communications flow. “The challenging issues in a project can often be the human ones,” said Ms. Manley. “In our experience, having transparent communications was very important for all of our partners to know about.”
When it comes time to lease negotiation, Ms. Manley suggested negotiation multiple options simultaneously. “In real estate, it isn’t over until it’s over,” she said.
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