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From 2015 to 2017, UrbanToronto and its sister publication, SkyriseCities, ran an occasional series of articles under the heading Explainer. Each one took a concept from Urban Planning, Architecture, Construction, or other topics that often wind up in our publications, and presented an in depth look at it. It's time to revisit (and update where necessary) those articles for readers who are unfamiliar with them. While you may already know what some of these terms mean, others may be new to you. We are publishing or updating and republishing Explainer on a weekly basis.
This week's Explainer is a refresh of an original that appeared in 2016.
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BOMA International, a.k.a. the Building Owners and Managers Association, is an organization for commercial real estate professionals which operates in Canada and the United States, that has created and maintained the accepted standard for grading office buildings. Office buildings are graded into classes according to their competitive ability to attract similar types of tenants. A building's rating depends on a variety of factors including rent, finishes, system standards and efficiency, amenities, location, and market perception.
The BOMA grading system is broken down into three distinct categories.
The 'Class A' designation is afforded to 'prestigious' buildings which compete for 'premier' office users. They typically feature high-quality finishes, state-of-the-art building systems, and easy accessibility. Rent at these properties is usually above the district average.
'Class B' office space is characterized by average rents and finishes comparable to other buildings in the area.
'Class C' buildings compete for tenants "requiring functional space" at below-average rents. They are typically defined by older technologies and antiquated infrastructure. They may also be located in less desirable areas.
New downtown office towers are typically built as Class A office buildings with modern designs, spacious floor plates, a mixed-use podium filled with amenities, and environmental features that seek out such it LEED Gold certification. CIBC SQUARE, lit by sunset in the image above, is a recent Class A building in Toronto, just like the towers of Brookfield Place which are closer in the foreground. On the other hand, the 1925-erected 1000 Saint-Antoine West in Montreal below is a Class C property, likely losing marks for its age.
A building's grade is relative to other properties in a given market. Therefore, a Class A building in Timmins compared to Class A space in Toronto will not share the same qualities.
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Do you have other planning terms that you would like to see featured on Explainer? Share your comments and questions in the comments section below!
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