Real Estate Offices - Where to Find the Best Space
If you are looking to invest in real estate offices, you should know the types of offices available. Offices can be graded according to their quality. Knowing what class of office you need is helpful because it makes clear to your real estate broker how much you want to spend and makes it easier for him to find property according to your needs.
First is the Class A office space. This is the best, in terms of quality, office space that you will get in your area. Class A offices are designed in accordance with style and d?cor, and not cost. Built in multi-storied complexes, Class A office space employs steel and concrete for construction. The cost can exceed $150 per square foot for the structure alone, excluding purchase and improvement costs.
In comparison to Class A structures, one can categorize buildings as Class B and Class C office spaces. They, however, are relative terms without strict criteria for classification.
The Urban Land Institute, an authority on land use defines space with respect to criteria such as location, management of the property, status of the tenants and the rents and the material of construction.
According to the Urban Land Institute, the term Class A space can be used for all buildings which are easily accessible and are located in an excellent area, are acquired by wealthy tenants with rents that can compare to the rents of other new buildings, built with very high quality material and are managed very professionally.
Class B buildings will be located in good locations, and will have a competent management system. Their construction material will be of a very good quality, and tenants occupying the space lead a good quality lifestyle.
Buildings aged 15 to 25 years are categorized as Class C space, provided that occupancy is constant and they are managed.
You can also look for a serviced office. These offices are found in business locations of all major cities, and are fully managed by a facility management company which then rents them to individuals or companies. These companies are more flexible in terms of rents offered than leased offices which require furnishing and improvement on your part. There is no long term commitment for such offices, and you can get additional real estate office space on the same floor or building at a short notice. You can share facilities like security, reception and conference and meeting rooms, thereby reducing the cost of such facilities. Other services include insurance, HVAC systems, telecom connections, furniture and internet connectivity and other IT infrastructure.
Offices are also categorized on the basis of size. S or small offices are usually about 20 meter square in area; M or medium office space is about 30 meter square in area, and L (Large) office space covers 80 meter square, while XL (Extra Large) are about 120 meter square in area. It is obvious that the price will depend on various factors like location. You can simply tell your real estate broker or real estate agency the class of real estate office space, the size and number of tenant occupancy you require, and you can find many real estate offices within your budget.
John is a writer and contributor to Connecticut Real Estate Advice and Suffield CT Real Estate.
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