Know Your Building Needs
Updated: Nov 11, 2019
Not all Buildings are created equal! This does not mean that there is a right or wrong building, it simply means that businesses have very different needs from a building space.
It's important to know that there are three buildings classifications with very different characteristics. Each class may or may not fit your business the best. Let's go over all the pros an cons of each building class.
Class "A" Buildings
Class A is considered the cream of the crop, the best of the best. These spaces are the newest in their specific geographic area.
- Often prestigious geographic are, so they can enhance the brand image.
- Class A building are highly efficient, leading to lower utility rates.
- Has amenities that can improve employee moral and productivity.
- Highest rental rates.
- These buildings may be difficult to secure due to high demand.
Class "B" Buildings
Class B buildings are slightly too old to be considered Class A. They are well maintained or have recently been renovated.
- Rental rates are more reasonable compared to Class A.
- The ability to have emergency repairs done is highly unlikely.
- Demand for these buildings is slightly lower, making them easier to secure.
- The buildings don't have the prestige of Class A.
- You may have to sacrifice some of the luxury amenities that a Class A building would provide.
- Utilities are cheaper.
Class "C" Buildings
Class C usually more than 25 years old, making them the oldest building classification. These buildings may have systems that are out of date and may need repairs.
- These offer the lowest rental rates.
- This class is most likely to have vacancies in high demand areas.
- They are welcoming to riskier tenants (startups, poor credit).
- Utilities are likely to be high.
- These buildings generally do not offer amenities.
- They are not professionally managed.
- Decor is often often old and outdated.
Each Building Class have different offerings, different pros and cons. It is important to fully understand the needs of your business and your expectations. This understanding will allow to better understand the type of space you will need. Not every Building Class is right for your business but you will find one that fits perfectly.