Commercial Property Deep Dive: Offices
Updated: Aug 28
In 2022, we completed projects in three different states, and 13 counties within North Carolina.
These projects consisted of 33% of appraisals being Vacant Lands, 33% for Retail, 14% for Multi-Family Properties, 10% for Offices, and 10% for Industrial.
Stay tuned for a deep dive into Office spaces and the many subcategories that make up this bunch.
What Classifies as an Office Space?
A property that offers finished space designed primarily for business and business support services such as administration, accounting, marketing, information processing and dissemination, consulting, human resource management, financial and insurance services, educational and medical services, and other professional services. A standard office space is divided into separate rooms, and typically includes restrooms, and possibly a residential style kitchen.
Office Property Types
Condominium Office Spaces are a multi-tenant building or buildings in which ownership of individual units can be separately held by individual unit owners. Common areas have an undivided, shared ownership.
A building containing finished space with special features designated for medical functions such as doctor's offices, dentistry practices, medical labs, or medical facilities.
The Space is usually air conditioned and specifically finished for medical functions in terms of providing a greater number of wall subdivisions and additional plumbing. Medical uses are typically parking-intensive.
An office building of typically 4 to 16 stories, although in central business districts the term generally applies to a 7 to 25-story office building.
Office buildings where multiple tenants exist in a single building, and each tenant has an individual and separate primary entrance to their "suites".