Office Space: For financial firms, hedge funds or law firms, the classic office layout is usually best. Traditional office spaces give employees quiet, private areas to work and handle client's confidential information. Office space creates a collaborative environment and a sense of community. Common features of a traditional office include: Reception, Boardroom, Bullpen and Private Offices. Most traditional office spaces require a multi-year lease ( usually 2-5+ years).
Retail: Retail comprises of the properties that house the retailers and restaurants we frequent. They can be multi-tenanted (often with an anchor, or lead tenant, that serves to drive traffic to the property) or single-use, standalone buildings. Salons, clothing stores, cellular phone stores, and restaurants all fall under the category of retail. Most retail locations require a multi-year lease (usually 5+ years).
What is a Class A Building? Class A buildings are the highest quality spaces on the market. These are available in a mix of vintage, historical buildings and new constructions that offer premium location, top of the line technical infrastructure, reputable ownership, and a variety of tenant services such as a maintenance team and concierge. Class A buildings command high rent prices and attract companies with budgets to match.
What is a Class B Building? Most Class B buildings are older properties but still offer reliable amenities and property management services. They usually attract smaller tenants and earlier-stage companies. Tenants can find Class B office space in prime areas, but enjoy cheaper leases than in a Class A building because there are fewer amenities and services.
What is a Class C Building? Class C buildings tend to be Class B properties with fewer tenant services. There are very few Class C buildings on the market because they struggle to compete with higher-quality spaces. Class C buildings often undergo renovations or are converted into residential units.
Not sure which of the different types of space is best for your company? This will vary by your company size, budget, and growth plans over the next few years. Your best option is to start by comparing vacancies with a licensed tenant broker.
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