When searching for the most suitable office for your company, it’s important to consider the building class type. While the class type is often overlooked by tenants, it is actually an important factor to determine and compare one building’s price to another.
Office buildings are classified into three categories (A, B and C). The class can be determined by age, amenities, technology capabilities, quality of HVAC systems, landscaping and how well the building has been maintained.
These buildings are considered the highest quality available and state of the art. This is due to their modern architecture, sound infrastructure, well functioning HVAC system, professional management, tighter security and altogether well manicured appearance. Generally, these buildings will be under 10 years old. Thus, a Class A building or office space will be the most expensive.
These buildings are still high quality, but may be a little out-dated. The average age will be between 10 and 20 years. Even in this case many tenants and/or landlords find these buildings to be a good investment. The technology capabilities may not be best in class, but typically will suffice. Security may or may not be on staff and typically it is not required to check in, in order to reach the space. While the amenities of Class B spaces rank average, with some facade work, a bit of interior redesign, along with an upgrade in management these buildings and spaces have the potential to be converted to a Class A status.
This class varies depending upon location (city, suburb, town, etc). These buildings are generally 20 years old at minimum. Some may be well kept, however, normally these buildings will lack many modern amenities. Technology will be lower quality and the HVAC system may not function well. In addition, this could include old elevators and mechanical systems, moderately run-down parking lots, and out-of-date furnishings. These buildings will not have security staff or food available on the premises.
As you’re shopping around for a new space, make sure to factor class type into your search. The more you know about a building, its age and amenities, the more equipped you’ll be to make an informed decision before signing a lease.
Newly built-out spec suite available for sublease
30 N LaSalle, Suite 2630
Lease expiration 12/30/23
Available 30 days from sublease execution
We just wanted to take a moment to thank everyone who was able to attend our yacht outing! The weather held up and a great time was had by all.
As mentioned when we first got on board, the purpose of these events is for the best people in my network to meet one another and explore how they can serve as a resource for each other. A rising tide lifts all boats so hopefully many wonderful connections were made. If any were missed, please don’t hesitate to ask and I will put you together.
Every month, Tenant Advisory Group hosts an Executives Luncheon to provide an opportunity for Chicago business leaders to build new, meaningful connections and discuss topics relevant to running a business.
During June’s Executives Luncheon, attendees were prompted with one question: “What employee-management issues have you struggled with in the past year and how did you overcome it?” Here are a few of the lessons shared in response:
When leasing a new office space, it’s easy to look at properties that already exist, but there is an entire market of new or partially built developments that have potential to be amazing office space, if you plan accordingly. In order to navigate leasing in a new development, follow our steps for success.
When negotiating a new lease or lease renewal for commercial office space, many business owners and operators believe they can use a trusted family lawyer, IP, tax, corporate or other non-real estate attorney to help mediate terms. While it may be tempting to choose a lawyer you’re familiar with over an expert in real estate, it’s critical to find legal counsel that specializes in real estate law to ensure the best outcome. Together with a skilled broker, a commercial real estate attorney will save clients money and mitigate the risks inherent in any transaction. Here are a few of the most common scenarios during lease negotiation that demonstrate the importance of going with a real estate lawyer.