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Class A office space
From Wikipedia, the free encyclopedia
Office types
- Class A office space
- Back office
- Front office
- Mobile office
- Paperless office
- Serviced office
- Small office/home office
- Virtual office
Class A Office Space describes the highest quality office space locally available, and usually requires a construction technique using steel framing.
Office buildings are classified according to a combination of location and physical characteristics. Class B and Class C buildings are always defined in reference to the qualities of Class A buildings. There is no formula by which buildings can be placed into classes; judgment is always involved. A fair number of the Class C office spaces in the inventory are not truly office buildings but rather walk-up office spaces above retail or service businesses.
The Urban Land Institute, a noted authority on commercial land uses, says the following about these classifications in its Office Development Handbook. Class A space can be characterized as buildings that have excellent location and access, attract high quality tenants, and are managed professionally. Building materials are high quality and rents are competitive with other new buildings. Class B buildings have good locations, management, and construction, and tenant standards are high. Buildings should have very little functional obsolescence and deterioration. Class C buildings are typically 15 to 25 years old but are maintaining steady occupancy. Tenants filter from Class B to Class A and from Class C to Class B.
In a normal market, Class A rents are higher than Class B which are above Class C. This makes sense because Class A buildings offer higher quality to the tenants and cost more to provide.