Abacus DIVISIONS unpacks the terms used by people in the property industry from brokers, banks, valuers, auctioneers and others to classify and rate commercial buildings - Including offices, industrial and retail buildings.
Office and Commercial Buildings:
P-grade (Prime grade) Offices: Top quality, modern space, generally, a pace-setter in establishing rentals and includes the latest or recent generation of building services, ample parking, a prestigious lobby finish and good views or a good environment.
A-grade Offices: These buildings are not older than 15 years and these buildings have had major renovations. They feature high quality modern finishes, air conditioning, adequate on-site parking, with market rentals near the top of the range in the metropolitan areas where they are located. (The following should also be taken into account in determining whether the building is A-grade or not: consider whether the building has a good quality lobby finish, quality access to/from an attractive street environment and other similar factors, such as safety and security).
B-grade Offices: Generally older buildings, but accommodation and finishes are close to modern standards as a result of refurbishments and renovation from time to time, air conditioned, on-site parking, unless special circumstances pertain.
C-grade Offices: Buildings with old style finishes, services and building systems. They may or may not be air-conditioned or have on-site parking.
Industrial Buildings:
High-tech industrial: Modern buildings with office components accounting for between 25% to 50% of the gross market rental.
High grade industrial: Eaves height greater than 6 metres with good yard/circulation space.
Light manufacturing: Office component accounts for less than 15% of market rental. Eave heights are less than 6m or limited yard / circulation space or restricted access.
Warehousing: Eave heights are greater than 6 metres with good circulation, docking space and multiple access portals.
Maxi-units: Modular units with a majority of rentable areas being greater than 1,000m² per unit.
Midi-units: Modular units with a majority of rentable areas measuring between 500m² and 1,000m² per unit.
Mini-units: Modular units with a majority of rentable areas being less than 500m² per unit.
Retail Classifications:
Super regional malls: are buildings greater than 100,000 m²
Regional malls: are between 50,000m² and 99,999m²
Small regional malls: are between 25,000m² and 49,999m²
Community centres: are between 12,000m² and 24,999m²
Retail value centres: are Big box retailers, specialist retailers, home improvements, limited groceries (10,000m² to 45,000m²)
Retail hyper centres: are typically one hyper store (70% of GLA), convenience line stores, services
Neighbourhood centres: are between 5,000m² to 11,999m²
Local convenience centres: are between 1,000m² to 4,999m²
Small freestanding centres: are between 500m² to 999m²