Office buildings fall into one of three general categories – Class A, Class B, or Class C. This classification system is used to create a level of standardization in the office market so potential investors and tenants can more easily compare office spaces and determine which property might be suitable for their needs.
A Brief Primer on Office Classifications
In a nutshell, the better the class, the more desirable the property with Class A buildings being the crème de la crème.
Class A buildings are well located, professionally managed with top-of-the-line amenities. The building itself is very high-quality, which includes high-quality construction and high-quality finishes.
Class B buildings are still very nice but lack many of the impressive “wow” features that Class A buildings offer. Their location may be a bit on the “edge” in terms of the ideal neighborhood, but the office spaces are still very attractive and functional. Sometimes Class B buildings were once Class A buildings but visibly aged out over time.
Class C buildings offer a no-frills alternative to the office environment – and with that comes lower rental rates. The location of Class C office buildings may also be less desirable.
Upgrading your Office Classification
There are definite advantages to being a Class A office building. Not only do these office spaces attract high-caliber tenants, they also command the highest rental rates.
In South Florida, demand for office complexes are resurging, and the opportunities are ripe for investors to upgrade existing Class B buildings to Class A.
Depending on the property, it may mean completely gutting the space to increase elevator capacity, add amenities, upgrade the HVAC system, improve the WiFi and ensure adequate parking. Once completed with high-end finishes and quality upgrades, the renovated office building will be able to attract those large-scale tenants who are willing to pay a premium price for a premium product.
Demand for office space in South Florida is picking back up after a slow-down due to COVID. Let us help you meet the increased demand by renovating an existing office space. Contact us at Seacoast Construction to schedule a free consultation.
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