Classification
The minimum requirements for inclusion into the modern office stock of either Class A or Class B include:
- The building was built or refurbished after 1990
- Available units are being advertised in an appropriate way
- The GLA of the building exceeds 1,000 sqm
When assessing the property quality, the major categories included are as follows, with a brief description:
- Technical specifications – how well is the property built and equipped
- Smart technologies – how efficient the buildings are, what smart technologies they use and what extras beyond “standard” property equipment they offer
- Location – accessibility, and services and amenities in the proximity of the property
- Service and security – how safe the building is and how it is managed
- Parking – parking ratios, with different requirements for properties in the city centre, inner city and outer city
- Building age – building completion or the latest refurbishment date
- Subjective evaluation – subjective assessment by Regional Research Forum members
Each of the criteria has subcategories, which enable scoring of the properties, resulting in the final score of the property. The maximum weight of each category is as follows:
| Category | Share in total |
|---|---|
| Technical Specifications | 41 % |
| Smart Technologies | 18 % |
| Location | 9 % |
| Service & Security | 9 % |
| Building Age | 8 % |
| Parking | 8 % |
| Subjective Evaluation | 7 % |
Definitions:
| Stock: | Total completed office space (occupied and vacant), newly built since 1992 or refurbished, A and B class offices, owner occupied and for lease. Public authorities’ buildings and buildings with leasable area lower than 800 sq m are excluded. |
| New Supply: | Completed newly built or refurbished buildings that obtained a use permit in the given period. |
| A-Class Office Building: | To earn the A-Class status a building must meet at least 6 out of 7 “Hard Criteria” and 5 out of 7 “Soft Criteria.” |
| B-Class Office Building: | To earn the B-Class a building must meet at least 2 out of 7 “Hard Criteria” and 4 out of 7 “Soft Criteria.” |
| Take-up: | A gross figure representing the total floor space known to have been let or pre-let, sold or pre-sold to tenants or owner-occupiers over a specified period of time. It does not include space that is under offer. A property is taken up when the contract is signed. Total take-up includes renegotiations, lease extension and subleases, net take-up excludes these. |
| Pre-lease: | Active pre-leasing for an office building begins as soon as preliminary design drawings are ready to show to prospective tenants. Pre-leasing occurs until the start of construction. |
| Vacancy rate: | Ratio of physically vacant space in completed buildings on the total stock. |
| Prime rent: | Achieved rents that relate to new prime, high specification units in prime locations. |