When evaluating office space options there are many factor to consider before making a decision. One of those factors is the year the office space was made or built. Newer buildings, typically classified as “Class A”, will be in the most desirable locations and have the best amenities such as a fitness center, deli, building conference room, latest and greatest of technology and infrastructure, etc., however they will also be one of the more expensive options. They will typically attract the highest quality tenants and have the highest rents in town. They will also have great professional property managers that will ensure that your company’s tenancy is the best experience possible.
Some of the older building options (Class C and usually more than 15 to 20 years old) are typically located in less desirable areas and in need of repairs or a facelift. Also, because of their age they may not offer the building infrastructure or latest and greatest technology features that newer buildings are equipped with. As a result the rental rates for these properties tend to be the lowest.
It’s important to not only compare buildings based on the lease rate being quoted, but also on the year the office was made. If your company is in need of the best technology (e.g. fiber), and image is important then a newer building is more likely to have what you need. They money you spend on higher rents will be returned two fold when you have better technology, more efficient operations, and more productivity. However if you are a start-up or nonprofit organization then an older building with low lease rates will be a better option for you.
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