Lake County Florida Office & Medical Commercial Real Estate
Office properties are occupied by professional or business
offices. The term “office” can refer to whole buildings,
floors, parts of floors, or office parks. Office space that
can be used for a variety of purposes is sometimes referred to
as “generic” office space. On the other side of the spectrum,
an office building can be built specifically to meet a user’s
functional and technical needs. The Building Owners and
Managers Association (BOMA)
distinguishes the following three types of offices by the
number of floors:
Low-rise: Fewer than seven stories above ground level
Mid-rise: Between seven and 25 stories above ground level
High-rise: More than 25 stories above ground level
Local markets may use a different number of stories and/or
additional physical characteristics to distinguish among
various types of offices.
The location of the property affects market value and rent.
Properties that are downtown or in the central business
district (CBD) are valued differently than suburban
Office properties may be classified as class A, B, or C. Class
A properties are the most functionally modern. Properties
classed B and C in the same market typically command lower
rents because they are older and have experienced some degree
of obsolescence. They may not be as efficient or desirable as
class A properties because their design or condition causes
functional or layout problems.
This category of
industrial space may devote 5 percent to 25 percent of its
space to office requirements and typically is constructed of
metal, brick, block or wood. This category typically features
dock-high loading and is located near or within city limits,
with good highway access.
tend to be more expensive buildings located in attractive,
park-like settings with landscaping, and are usually at the
highest end of market rents. Office/service properties are
similar to research and development facilities, comprised of
more than 25 percent offices, and typically are located along
Measuring Office Space: Useable Square Footage
In multi-user office buildings, certain areas within the
building or floor are shared with other tenants. Also, some
areas are reserved for the building’s common mechanical
equipment and services. Construction features necessary to
support the building may occupy space as well.
Office building measurement techniques take all of these into
account. When comparing spaces in comparable buildings, the
tenant is most interested in useable square footage (USF), or
the area where furnishings and equipment can be put for use.
When comparing spaces, tenants will want to compare USF
between sites and calculate a dollar per square foot (psf)
amount for that space. This way the tenant can see what is
actually being paid for what can be used. Most tenants prefer
the most efficient space possible.
Office space measurement standards differ from market to
market. The real estate professional should be proficient in
the measurement technique used in the local market and be able
to compare it to measurement techniques used in other markets.
BOMA provides information on this subject, which is also
supported by the American National Standards Institute