Office Real Estate
The right office can set the tone for your business. It has the potential to close prospective clients, lure top notch talent, and make your entire operation more efficient. We are here to match your office-based business with the perfect office space. We want to raise the ceiling on your organization’s growth trajectory, while protecting your bottom-line. Our knowledge of the market and overwhelming desire to do what is in the best interests of you and your employees means that we will stop at nothing to find and negotiate a deal on the perfect home for your business.
The first thing everyone wants to know about office real estate is how much it will cost. The amount of money you or your tenants will pay for a lease is all dependent upon the age of the property, the amenities offered, the overall aesthetic appeal, as well as the infrastructure of the building. There are three categories of office real estate properties and it is important to know which of the three categories of office buildings you are looking at acquiring: Class A, Class B, or Class C.
Class A is the designation given to the top tier of office buildings that demand the highest leases in the market. According to the Building Owners and Managers Association International, or BOMA, Class A buildings are located in high-traffic areas, some of the newest buildings in the market, visually stunning, offer world-class amenities, as well as state of the art technology. A lot of resources are spent on building Class A office spaces, so it is also common that they are maintained by topnotch property management companies to ensure that they remain top-of-the-line. Generally, Class A buildings are high-rise commercial real estate properties that come equipped with large central lobbies, as well as higher ceilings than your typical office building. The luxuriousness of these office spaces means that they are often sold and leased above the market average and you should not expect to get significant discounts or many tenant concessions, since they are highly sought after by high-profile professionals, such as lawyers and financial services firms.
Class B buildings are typically older than Class A buildings and offer high-quality office spaces; however, they usually do not have the same architectural flare or visual appeal of Class A buildings. In fact, many Class B buildings were once Class A, but have been downgraded over the years as newer buildings with more features are built and added to the market. Additionally, Class B buildings are not as tall as Class A buildings and are built at the edge of important office districts or in the suburbs. Class B buildings still represent a great opportunity for those that are looking to purchase their own commercial office properties for either their own business or to lease out to other tenants, as you can count on them to command about the market average for a new purchase or a lease.
Class C is the lowest designation given to commercial office real estate. These commercial office spaces are typically older than Class A or Class B buildings and require more repairs or renovations. It is also common for Class C buildings to be located in less- visible locations. Although Class C buildings are the lowest tier when it comes to commercial office real estate, they still provide great opportunities for business owners and investors, as they are perfect for new businesses and smaller business that cannot afford to invest large amounts of money into office space, not to mention businesses that do not need to be right in the middle of business centers because the services they offer are not location dependent.
When thinking about whether a Class A, Class B, or Class C commercial office property is right for your business or your investment plan, it is important to realize that these ratings are subjective and can vary greatly from market-to-market. That is why it is essential to work with office real estate specialists like OKC Commercial Property to make sure that you are getting the best deal on the office space that is best for the needs of your organization. Customers and employees are not typically persuaded by what class your office building is designated as, instead, they are concerned that the offices you provide can accommodate their needs at a price that works within their budget. It is also important to remember that if designation is truly important to you, it is always possible to renovate or upgrade commercial office real estate to improve from a Class C building to a Class B building, or a Class B building to a Class A building. Let the experts at OKC Commercial Property help you determine what building works best for your business and your budget.