If you’re looking for office space in Wichita, Plaza Commercial Real Estate is your trusted partner. Whether you’re leasing, buying or selling, we can assist with all aspects of the transaction.
Wichita business owners count on our brokerage to provide valuable insight as they make decisions on an office property or portfolio. We help local companies of all sizes with purchasing freestanding office buildings, leasing a single office or a suite of offices, or selling an office building.
Commercial real estate brokers use a classification system for office space based on its esthetics, age, infrastructure and available amenities. Your Plaza Commercial Real Estate agent will source offices in the class you’re looking for to ensure you get the best fit.
Class A office space
Class A office buildings are the highest-quality office spaces in the market. They feature premium fixtures and amenities, a prestigious location and high-end technology and HVAC systems. These commercial buildings may be new construction or historical and vintage restorations. The owners and/or management company is typically highly regarded. Class A buildings often feature impressive lobbies and may offer maintenance or other tenant services. Due to high demand, these offices usually come at a higher rent and tenant concessions are difficult to come by. These offices are usually occupied by high-end, white-collar businesses such as law firms or investment brokerages.
Class B office space
Class B office buildings are mid-range office spaces. They offer function without top-of-the line fixtures or amenities. The location, property management and building system is usually average, and the rent reflects that. Although still nice, these buildings are generally older and may be showing signs of wear-and-tear. For example, a Class A building that isn’t fully maintained could be downgraded to Class B after a few years. Class B office spaces are typically favored by smaller or younger companies who are willing give up a few amenities and services in favor of lower rent.
Class C office space
Class C office buildings are the lowest-quality office spaces on the market. There are typically few tenant services, if any, and the building may need major repairs or a complete renovation. They’re generally more than 20 years old and often located in a less desirable area of a city. Class C office spaces that are occupied earn lower rents; those that are unoccupied are usually sold to be rehabilitated or converted into multifamily residential units. It is possible for a Class C commercial building to be upgraded and improved to a Class B, but the age and location will usually prevent them from reaching Class A status.
As you’re searching for office space to lease or an office building to buy, it’s important to consider the type of office space you or your tenants need.
As the name implies, this is a conventional business setup. A traditional office space has a reception area and private offices. There’s usually an open area for cubicles. There may also be a conference room, a break room and a mail and/or printer room.
Creative office space is often thought of as open floorplan office space. You won’t find cubicles here, and there are few or no private offices. Instead, creative office spaces feature open floorplans with high ceilings, often featuring exposed ductwork, plus large collaborative spaces such as break rooms, lounge areas, conference rooms and even game rooms.
Contiguous Office Space
When one tenant rents multiple suites in the same building, it’s referred to as contiguous office space. The office space may be all on the same floor or located on different floors. This solution works well for companies who have outgrown a single office suite or floor or simply want to create separation between departments.
A growing trend among freelancers, entrepreneurs and small startups, coworking office spaces offer areas for working and collaboration at affordable prices. Rather than long-term leases, space is typically reserved on a monthly basis all the way up to a year-long contract. This option is ideal for companies that favor flexibility and cost savings over privacy, as conference rooms, kitchens and other amenities are shared between all tenants, and working spaces may be located in an open, common area.
Shared Office Space
In some cases, smaller companies and freelancers may also lease office space from a company who has extra room. This shared office space arrangement allows the primary tenant to put empty offices or workspace to use and offset rent and overhead costs. The subtenant will typically find flexible lease terms and lower rents than leasing a single office. Both tenants can benefit from social and cost-savings aspects similar to coworking, but with more control over who they’re sharing space with.
Another arrangement similar to coworking and shared office spaces, executive suites allow small businesses to create a more traditional office set-up in a smaller space. Executive office spaces are typically fully furnished and have phone and internet already wired. They’re often sublet from larger tenants, and both the main and subtenant share a reception area and receptionist, a break room and one or more conference rooms. Lease terms are usually flexible and affordable, with terms ranging from month-to-month all the way up to 12 months.
When an industrial business may need to have all aspects of their business under one roof, flex space is the solution. In these cases, the majority of the industrial building is used for manufacturing, warehousing, distribution or other operations and a small portion is built out for office space. The office space can be traditional or creative, and it’s where the administrative functions, like accounting and sales, take place. This arrangement can save money by avoiding separate leases for office and industrial space.
If you’re ready to buy, lease or sell office space in the Wichita area, contact an expert at Plaza Commercial Real Estate today.