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Building Class Standards in Commercial Leasing
In a diverse marketplace, real estate businesspeople go to great pains to evaluate and compare leasable space and to translate that comparison into negotiable terms. While one commercial property may closely resemble another in the same market, a careful analysis can reveal critical differences that may be reduced to lease economics. This article explores the standards by which office buildings are compared to one another and the significance of those standards and comparisons in commercial lease transactions.
The Classifications
Commercial leases will often refer to a building classification when defining the obligations of the parties. In particular, classifications may be employed in the context of the services the landlord is required to deliver. For example, the lease might provide, “Landlord shall deliver heat and air conditioning to the Premises in a manner consistent with other Class A buildings in [the applicable market].” Standards are routinely provided for utilities, security, elevator service and other services.
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