Why are there so many Manhattan dental offices available?

 


Ever since the 2020 Pandemic, commercial realestate in our neighborhood has not been doing well. There are a lot of office space available and in our midtown neighborhood there are no longer many large employers renting space. Traditionally midtown dental practices relied on these large employers for supplying many of our patients. Also a number of long time residents of Manhattan have moved elsewhere. 

In our building , 30 East 40th st, most tenants arevmedical and dental practices. Traditionally, because construction costs of dental offices were high enough that it discouraged dentists from moving to other buildings when there leases were up for renewal. We renewed our least last May and signed a five year lease. It seems that some of my colleagues have chosen not to renew. 

ln the last two weeks , I was able to walk through six of vacant dental offices. The dentists left for a number of reasons including retirement, joining other dental practices, selling their practices or building in another location. Since building and equipping a dental office from scratch can be a significant expense ($300,000 and up) It is significant that there are so many available spaces. In the past it was not that difficult to find dentists who were interested to take over a lease of an existing office and even pay the dentist leaving a significant "key fee" if they turned over a turn key office. 

I believe that younger dentists may not be keen to establish their own practices in midtown and most continue to work as associates for longer periods of time than previous generations of dentists. This is likely due to number of factors including competition from large "insurance practices" and the escalating costs of equiping a new office with state of the art equipment.




from Ask Dr. Spindel - http://lspindelnycdds.blogspot.com/2025/04/why-are-there-so-many-manhattan-dental.html - http://lspindelnycdds.blogspot.com/

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