There are several different commercial property types available and depending on
who you talk to, somebody will have a different opinion about what to call something
as simple as retail space or as complex as multiple use industrial buildings. Local
customs will always apply, but for the most part the industry classifies property
types as:
Note that sometimes the building's classification can be misleading. For example,
in California, we have many R&D buildings that are now setup for office space users
that require just a little bit of computer lab space. They are not called office
buildings, but they might as well be.
The industry tries to further define the buildings as Class A through C, with A
properties being the highest quality in any given category. Class A buildings are
generally newer buildings with great curb appeal, an abundance of glass, and high-end
finishes like granite, slate, and marble in the common areas. Sometimes an agent
will describe a Class A building as a “B” because it is in an inferior location
relative to the other Class A buildings in the area. The reverse can also apply,
it is possible to call a Class B building an “A” because it is in a superior location
compared to the rest of the building base.