Commercial Real Estate Brokers in Evansville & the Tri-State
Know Your Class and Find Your Perfect Space Faster
As you search for the perfect office space, you may see an office building listed as Class A or Class B. Knowing what these classes represent can narrow your search criteria, make it easier to communicate with your broker, and speed up the process.
According to the Building Owners and Managers Association (BOMA) these classes represent a subjective quality rating of buildings which indicates the ability of each building to compete for similar types of tenants. The assessment of a class incorporates a mixture of factors including rent, building finishes, system standards and efficiency, building amenities, location/accessibility and market perception.
Class A is defined as the most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. These are typically built within the last 15 years, are professionally managed, and in the downtown business district.
Class B is defined as buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price. Class B buildings are often found in suburban office parks.
Class C is defined as buildings competing for tenants requiring functional space at rents below the average for the area. These buildings are most often more than 20 years old and need renovation both inside and out. These spaces are often attractive for a new businesses that need to maintain lower overhead.
Building amenities include services within a building that are helpful to either office workers or office tenants and whose presence is a convenience within a building or building complex. Examples include food facilities, copying services, express mail collection, or physical fitness centers. The term also includes such issues as the quality of materials, hardware and finishes; the architectural design and detailing; and elevator system performance. These Classes depend on context to a large extent. Evansville’s Class A spaces may be considered Class B in larger cities, particularly those having a large inflex of new construction.
Don’t be scared away from a Class C building. Like fixer-upper houses, there is fixer-upper office space! We can help you find the space, the designers and the contractors.
Posted by Becky Kasha