Property - Office
Office buildings or office space can be as simple as a residential home in a business district or as complex as a fifty-story office tower. Often occupied by multiple users or a single end user or tenant, they are either Low Rise (less than 7 stories), Mid Rise (7-25 stories) or High Rise (anything above 25 stories).
Such types of properties can be usually classified in three different ways:
Class A building generally means the property is high quality, new or in new condition, modern design with excellent finishes and with many amenities. They usually command the highest lease rates in the market.
A Class B office is in good condition, and highly leasable. They have standard finishes and fewer amenities available although they usually command a lower rate than a Class A building.
A Class C property generally is “dated” or contain some functional obsolescence like poor layout or not able to be retrofitted for elevator service. These properties are usually found in less desirable locations.