Whether you’re purchasing an office space for the first time or you’re about to place yours on the market, it’s crucial that you know the classification of the office space. For most individuals that already own their office space, the classification could be something that you learned and then quickly filed away into your brain but have since forgotten. For new buyers, the classifications might be something you weren’t even aware existed. Either way, it’s good to know how the different office buildings are classified and what separates them into each classification.
In today’s blog, we are going to dive into the different classifications for office buildings. Hopefully, this information will help you learn more about the office space that you’re putting on the market or help you find the perfect office space to suit your needs. Let’s dive right in.
Urban or Suburban
One of the first classifications that office buildings are placed into is urban or suburban. This is pretty easy to understand and, as you may have assumed, is primarily determined by the overall setting of the office space itself. Urban office buildings are going to be found in the hearts of cities and often include the high-rise buildings that house endless offices.
Suburban offices, on the other hand, are going to be smaller spaces. While they might still be in a well-known city, these office spaces usually offer less space. While this might not be ideal for larger companies looking for their perfect office building, it’s often the perfect amount of room for family-run or boutique businesses.
Multi-Tenant or Single-Tenant
This is another classification that can speak for itself but is also important to consider when determining how you’re going to classify your property, or what type of property you’re interested in finding. If you’re looking for an office where your company will be the sole company in the space, then you can immediately eliminate the options of multi-tenant properties.
Multi-tenant properties, on the other hand, might be something that you want to consider if you’re looking to purchase a space with a budget in mind. These types of office spaces might also provide you with the opportunity to lease the space until you have the option to purchase. Whether you choose to buy an office in a multi-tenant building or you look for leasing options, there are certainly benefits to these types of office spaces as well.
Class A Office Space
Office spaces that are classified as Class A are often the most prestigious office building options. Usually, these are the office spaces that would charge a significant amount to any individuals that are considering renting the space out to other companies down the road. Aside from being higher-end buildings in regards to cost, these buildings usually have high-end design elements to them. This could range from the overall layout of the building to the materials that were used. Either way, these buildings are definitely on the high-end of the scale.
Class B Office Space
Now that you know where the top of the line buildings are classified, take a step down and you have the office spaces that are going for the average prices for the area. Aside from that these buildings are relatively average in regards to their finishing and the materials used to complete the building. That being said, these buildings are still fantastic opportunities to turn into an office space. Still, they don’t quite compete with the office buildings that are Class A.
Class C Office Space
The last classification for office buildings are Class C. These buildings offer competitive prices and spaces that are functional, but not necessarily beautiful. If the overall look of the space isn’t something that you’re too concerned with, then there’s absolutely nothing wrong with looking at these office spaces and taking advantage of the affordable prices.
Contact UNIQUE Florida Properties
The real estate brokerage team at UNIQUE Florida Properties has been in the commercial real estate industry for years. In that time we have gathered valuable knowledge and experience that allows us to assist individuals with their endeavors. Contact our team today if you’re interested in learning more about the office buildings that are on the market or about the process of selling your office space. Either way, we’re here to help!