|CityPlace Class A Office|
This is the highest level of classification and means the property excels in each of the areas. They utilize the highest quality materials in their construction and finishes while also being a new construction or newly renovated facility. They're located in prominent locations with excellent access to major roads, creating great visibility. Included with the facility are amenities on site and higher levels of surrounding amenities due to their location. These amenities can include the level of technology incorporated into the property and having the facility professionally managed. Because of the high levels in all of the areas this classification will commonly draw high quality tenants and have the highest rent of the classifications.
Just under Class A, Class B will have commonly been a Class A property at one point in time. When they were constructed they utilized the best quality materials but due to age have declined in comparison to the newer properties. Investors will often look for Class B properties because they have an excellent location and can be brought back up to Class A with a mild renovation. These buildings also possess on-site amenities just below Class A but similar surrounding amenities. Because of the increased age and lower on-site amenities Class B buildings do not compete with Class A for the high quality tenants or at the higher rent rate.
Buildings in this classification are much older than Class B and A. With their age exceeding 20 years they will not have been recently renovated with newer materials and infrastructure items. If they were never Class A then it is unlikely that their location will be in a high visibility area or that the surrounding amenities are plentiful. These facilities provide functional space at very low rent and can frequently take major renovations to raise them up to Class B.
Each of these classifications are dependent on the city. What would commonly be Class A in one city might be Class B in another. The Kansas City area has options available in each of these classifications and Block
Contact our team or visit the CityPlace website for more information.
Sr. Vice President
Block Real Estate Services, LLC