Lake County Florida Office & Medical Commercial Real Estate

Office Properties
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 properties. 

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.

Office/Warehouse
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. 

Office/Service
These properties 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 major arteries. 

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