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Why is it necessary to classify office buildings?
Classifying office buildings by class A, B, C helps parties in the industry have a standard framework to evaluate the quality of office buildings for rent. These standards are used by design units, construction contractors, investors, lessors and tenants to make the implementation of related work more coherent, clear and simple.
- For design units, construction contractors: Plan the most accurate and effective costs.
- For leasing units: Determine the appropriate rental price range
- For tenants: Use these criteria to find office buildings that suit their needs.
The Concept of Office Grades
The idea of office building grades is an integral part of commercial real estate parlance. These grades, from A to C, form a hierarchical representation of the quality, amenities, and even prestige associated with a building. Why does this matter, you might ask? The answer lies in the fact that these grades shape many aspects of your business, from projecting your company image to influencing the rent you may pay. They are like signposts that guide you through the diverse landscape of commercial real estate.
What Factors Affect Office Grades?
The grading of office space is based on a variety of factors, and it follows an assessment of many different aspects. The age of the building often plays a role, with newer or recently renovated buildings often warranting higher scores. Location is another important factor – prime locations with excellent transport links and amenities often go hand in hand with a Class A rating. Build quality, level of infrastructure and integrated technology are other important considerations. Finally, aesthetic appeal, maintenance standards and the availability of amenities such as parking, canteens and communal spaces also significantly influence the rating. Each of these factors is carefully assessed before the rating is given, ensuring that the classification is fair and reflective.
Finally, office properties are ranked based on factors such as:
- Location
- Amenities
- Age of the building
- Maintenance status
- Construction quality
- Green building certification
- Management services
- Parking
- Number and speed of elevators
Grade A office buildings
Due to their high quality standards, Grade A office buildings are the most desirable spaces on the market. In addition to modern amenities, they are well-maintained and have the latest technology and telecommunications infrastructure, and are often located in the most prestigious neighborhoods or high-rise buildings. Many Grade A office buildings have unique architectural and design features, and their rents are the highest of all three grades. This is why Grade A offices are often rented by well-known companies or multinational companies.
The specific criteria are as follows:
- Class A office buildings must be centrally located with convenient transportation for commuting to serve different work purposes. Along with that, Class A office buildings must be invested in - designed - constructed - managed by reputable units to ensure the quality of the building.
- Top quality: This real estate will be completely new or have undergone a complete redevelopment process with high-specification renovation, it will be conveniently located with convenient access and professionally managed.
- Other amenities: typical area is 900m2/floor, ceiling height from 2.7m or more, spacious space, few columns, flooded with natural light, and the central lobby has convenience stores, coffee shops or restaurants.
- Technical Amenities: modern central air conditioning system, high-speed elevators, electric vehicle charging stations (optional)
- Due to their high standards, they offer higher rental prices.
- Recently, achieving one of the green building certifications will be a plus point for Class A buildings to attract more future tenants.
Class B office buildings strike a balance between functionality and affordability. While they offer quality infrastructure and amenities, they cannot be considered first-class, as they were installed years or even decades ago, as Class B offices are often located in buildings that were built 10 to 20 years ago.
Due to their age, the design and décor can be a bit dated in Class B office spaces. Note that location is not the only factor that determines the building’s class in prime city center locations. Ultimately, what matters more is the overall condition of the building and whether it is up to date with the latest design trends, infrastructure, and facilities.
This office class is often suitable for small and medium-sized companies that need a professional environment that meets their basic operational needs without paying a premium price. Rents for many Class B offices are typically around the regional average.
Specific criteria include:
- Considered 'average' and fully usable.
- Other amenities: typical floor area is 500m2 - 900m2/floor, 2.7m ceiling height, open space, few columns, plenty of natural light and central lobby.
- This type of commercial space may be classified as such because it is in a less desirable location or because it has not been renovated in recent years. In fact, some properties start out as Class A, but are downgraded over time.
Class C Office Buildings
Class C office buildings are older properties with limited amenities and fairly basic infrastructure, as in most cases they were built more than 20 years ago and have had very little improvement or maintenance. Therefore, these buildings may need to be partially renovated or refurbished to meet modern standards. In addition, Class C buildings are often located in less attractive areas or in restricted neighborhoods.
Specific criteria are as follows:
- Usually refers to buildings that are more than 20 years old
- These buildings are not aesthetically pleasing, lack infrastructure, so they bring the lowest returns and are often the target of developers and smaller companies.
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- Determine suitable vacancy
- Organize site surveys
- Negotiate the best rental price
- Support signing lease contracts
- Free 2D support
- Phone: 0768 999 647
- Email: leasing@seethespace.vn
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