Classes of Office Space
Office space is divided into three classes--Class
A, Class B, and Class C. The classes are just what
they imply, that is higher quality at the A end and
lower quality at the C end. The classes are based
on the age of the building, the type of construction,
the location, the amount of renovation, and the amenities
that the building provides. You may also run across
what is now being referred to as Class E Office Space
in some cities. These are old buildings class B buildings
that are being considerably renovated to become spaces
with a totally different look. They usually have very
high ceilings, lots of large windows, and lots of
wood. They seem to appeal to the high tech and dot-corn
groups. (Hence the "E" designation.)
The dollars per square foot will vary quite a bit
from one class to the next, so consider the amenities,
location, as well as the "look" you need
before starting your search.
See as many spaces as you can, and pull out the list
you created earlier in the planning process. Make
sure you have prioritized the features that are most
important to you and your business, and give them
the most consideration when looking over the properties.
Don't let yourself be blinded by one spectacular feature
in a property when some of the other equally important
features are less spectacular than what you need.
You can even create a scoring system to help you compare
each property equally. Regardless, of the system you
use, take notes about the pluses and minuses of each
site, and take photos to help keep them straight in
your head. Visit the sites on your short list often
and at different times of the day to observe the changes
in traffic, noise, and other potential problems. Don't
let your emotions rule your decision!
Don't forget to also investigate "build-to-lease"
options also called "build-to-suit leases".
If you find the right developer you can tailor the
space to your needs and then lease it. This option
will require a lot of work on your part to make sure
you're getting the quality and structure that will
suit your needs. Keep in mind too, that the developer
you work with will probably not own the building for
the length of your lease.
Inspect the property
So you've found a good spot--you think. You like
the location. It's passed all of the tests so far.
So what else do you have to look at before you sign
on the dotted line? Here are some things to make sure
are on your list of questions.
How old is the building?
With age can come problems and difficulties in incorporating
new technologies.
Are there structural problems?
Talk with other tenants and see if they've had any
problems either with the building itself, or even
with the landlord.
Does the roof leak?
How old are the HVAC systems?
Will you be dealing with periods of no air in the
summer and no heat in the winter?
Is it wired for computer networks, internet access,
or other electronic items?
If not, will you have difficulty wiring it because
of the types of wall materials or ceiling?
Is there adequate security?
Security features can include:
* steel security doors
* security gates that fold out of the way during office
hours
* alarm systems that can be monitored by a security
firm or the local police department
* video cameras to watch entrances and exits
* bullet-proof glass
* fenced parking
* external lighting all around the building
* security guards
If you're buying the property you need to dig even
deeper. Sometimes literally! For instance, you may
need to do a Phase 1, 2, or 3 site assessment to make
sure there is no environmental contamination that
you will be dealing with. Sometimes the lending institute
you are getting your loan from will require it. |
