Language of Leasing: “Class A”

Posted by mhatala on April 14, 2009
Tenant Rep
 

    

The phrase “Class A” is often found on advertising materials for office projects, but what does it mean? There’s no official classification system for office buildings, however the generally accepted practice is to divide office buildings into 3 categories: Class “A”, “B”, or “C”. The definition of each class varies by market, making comparisons difficult. 

In the Las Vegas market, buildings are classified as “Class A” based on the following three criteria:

1/ Construction Type

Poured-in-place concrete, or more commonly, steel frame construction. These construction methods are consistent with buildings that are 3 or more stories tall.

2/ Age

A building that was classified as “Class A” when constructed, may shift to “Class B” over time if its desirability falls behind newer Class A projects.

3/ Amenities that include most or all of the following:

Access to dining amenities

Parking structures

Security services

On-site property management

www.VegasValleyOfficeTeam.com

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