How does India grade it’s office buildings? Is there a formula to this? Why one office building may be A+ in grading and still command a rental lower than a grade A building? All this and a lowdown on how CRE Matrix grades office buildings across India.
Office space is crucial for any firm’s development as the workspace environment plays a vital role in the employee’s mental health and wellbeing. The quality of the physical workplace setting has a powerful sway on the company’s capability to both recruits as well as retail employees.
Since the work environment is extremely important, companies are now looking out for appropriate and best office spaces in India that can keep their employees satisfied. Happy employees can help reap profits for the business. It is observed that more and more companies in India are becoming very particular about the kind of office space they want in a specific type of commercial building.
India is filled with different kinds of commercial buildings in any city. If you’re considering taking up office space for your company, you would have many options to consider based on your preferences and budget. The location is one of the many factors that need to be kept in mind before taking up office space in a building.
Some of the other parameters are the age of the building, amenities offered, parking, design of the building, and so forth. It is based on these criteria that commercial buildings in this country may be categorized as Grade A building, Grade B building, and Grade C building. These classifications may help to determine the rents of the buildings.
Let us look at the various parameters that help classify the office buildings India:
Amenities
Grade A buildings are bestowed with the specific grade because they come with a lot of high-quality amenities. They feature facilities such as fire prevention systems, fire-management systems, earthquake-resistant structures, and so forth. Grade A office building Mumbai will have a cutting-edge HVAC (Heating Ventilation, Air Conditioning), extremely safe elevators, and state-of-the-art concierge services. The utilities such as water and electricity are exceptionally effective. These buildings usually house a cafeteria, food court, restaurants, ATMs, coffee shops, and so forth.
On the other hand, a Grade B office building will have elevators that work well but are not considered to be superior quality. Water and electricity systems are not deemed to be extremely effective. Many may not even come with features such as earthquake-resistant structures and waste recycling units. As for Grade C office buildings, they barely have any amenities. In India, you will not find any lobby area or even elevators.
Location
Grade A buildings are typically located in the heart of central business districts. In metropolitan cities such as Mumbai or Bengaluru, they are more likely to have enormous open spaces or some kind of greenery landscape that adds to the beauty of the building. Grade B buildings are not so centrally located but manage to have a decent location. Grade C buildings are not perched in busy commercial hubs and can be located in any lane or road.
Parking
Grade A buildings have professional management and have adequate parking for every corporate tenant, their employees, and their guests who could visit occasionally. Grade B buildings generally compromise on factors like security and parking. They will have enough for the employees of the corporate tenants but not extend it to their guests. Grade C office building MMR will not have enough parking spaces to fit vehicles of all employees of their corporate tenants.
Architecture
Grade A office buildings are typically architectural marvels and extremely posh and upscale in their looks. These buildings are typically newly built and have the necessary infrastructure in place. Grade B buildings are usually older than Grade A buildings and are not as shiny and glitzy as the former. Grade C buildings are usually the oldest as compared to the other two and typically need a lot of repair work.
We deploy 5 other parameters which form our secret sauce to grade buildings. To know more, sign up with us and we’ll take you through how we grade buildings using artificial intelligence, machine learning and a lot of human intelligence.
CRE Matrix is India’s preferred real estate data analytics platform. We can provide stakeholders with every minute detail about a commercial building including its grading.
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