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Definitions

Office Market Definitions

Market Segmentation

Segment Description
Market An aggregate of two or more office districts for the purposes of summing the inventory within a specified market.
Office District An aggregate of two or more office nodes for the purposes of summing the inventory in those nodes within a specified market. Most common divisions are Downtown, Midtown and Suburban.
Office Node A grouping of office buildings which are connected to each other mainly by geographic location, but often sharing common characteristics.
Office Building A form of commercial building which contains spaces mainly designed to be used for office functions (administration and managerial).
Office Space The area contained within a building that is currently being used as functional office space, excluding the common areas.
Office Class Classification of office buidings based on the characteristics of the building, tenants and location.
Class AA or AAA Office A subset of Class A buildings which are locally recognized as being the highest quality or dominant buildings in the market, therefore attracting higher rental rates.
Class A Office Office building with higher quality combination of design, material, tenant mix, management, maintenance, improvements, amenities, age, size and location.
Class B Office Office building with moderate quality combination of design, material, tenant mix, management, maintenance, improvements, amenities, age, size and location.
Class C Office Office building with lower quality combination of design, material, tenant mix, management, maintenance, improvements, amenities, age, size and location.
Class G Office Any office building that is fully owned and fully occupied by any level of government.

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