Office Tips

Class A Property: Building has excellent location and access to attract the highest-quality tenants. Building must be superior construction and finish, relatively new or competitive with new buildings, and provide professional on-site management.

Class B Property: Building with good location, management, and construction land tenancy. Can compete with low end of Class A.

Class C Property: Generally an older building with growing functional land or economic obsolescence. Typically, a higher price per square foot will be paid for a "Class A" property than a "Class C."

Class D Property: Older building in need of extensive renovation as a result of functional obsolescence or deterioration.

Use our handy Office Property Checklist to help you evaluate office space.

Location and accessibility for:

• Clients/Customers
• Vendors
• Employees (including proximity to executive's residence)

Costs of occupancy:

• Are all costs included in the rent?

Parking for:

• Clients/Customers
• Vendors
• Employees

Appearance: What message will be sent to your customers?

• Interior
• Exterior

Cleaning service:

• Are cleaning services included?

Elevator efficiency:

• If a high-rise, is the elevator system adequate?

Access to amenities:

• Food service
• Recreation facilities
• Other: __________________

Office space appearance:

• Carpet
• Wall coverings
• Dividers

Tenant improvements:

• Is there an improvement allowance?

Efficiency of the space:

• Private offices
• Open offices
• Little wasted space
• Oversized offices

Tenants in multi-tenant space pay a pro rata rate share of common area space (halls, etc.) and some poorly designed or older building have a high percentage of such space (wide halls, atriums, etc.).

If you are buying an Office property (owner-occupant or investor) also consider:

1. Income
2. Expenses
3. Mortgages
4. Condition of roof (age)
5. Condition of parking lot (ramp) and age
6. Tenants (length, type, credit)
7. Lease terms and conditions

Once you decide to sell or lease office space, a Commercial Services specialist will assist you every step of the way.