Property Type

Definitions

Terms

Term	Description
Property Type	Classification of commercial real estate based on the characteristics of the property and the type of commercial activity which occurs in them.
Office Building	A form of commercial building which contains spaces mainly designed to be used for office functions (administration and managerial).
Office Space	The area contained within a building that is currently being used as functional office space, excluding the common areas.
Office Class	Classification of office buidings based on the characteristics of the building, tenants and location.
Class AA or AAA Office	A subset of Class A buildings which are locally recognized as being the highest quality or dominant buildings in the market, therefore attracting higher rental rates.
Class A Office	Office building with higher quality combination of design, material, tenant mix, management, maintenance, improvements, amenities, age, size and location.
Class B Office	Office building with moderate quality combination of design, material, tenant mix, management, maintenance, improvements, amenities, age, size and location.
Class C Office	Office building with lower quality combination of design, material, tenant mix, management, maintenance, improvements, amenities, age, size and location.
Class G Office	Any office building that is fully owned and fully occupied by any level of government.
Industrial Building	A form of commercial property which contains space mainly designed to be used for industrial tenants who are involved in the manufacture, storage or distribution of component parts or finished products. Typically single storey structure with larger internal ceiling heights than an office building.
Industrial Type	Classification of industrial buildings based on the municipal zoning which specifies allowable uses.
Industrial Building Type	Classification of industrial buildings based on the characteristics of the property and type of occupancy.
Industrial Space	The area contained within a property that is being used for industrial purposes, exclusive of any portion that is being used as office space.
Flex Space	Space that can be occupied for a variety of options. Typically light industrial warehouses which can or have been converted to office space.
Industrial Park	An grouping of industrial buildings within a defined boundary in an area zoned and planned for the purpose of industrial development. These areas are most often located close to transport facilities, especially where more than one transport modes coincide: highways, railroads, airports, and ports
Business Park	An area of land in which multiple buildings are grouped together, with a mixture of commercial and light industrial, but not residential, uses.
Retail Building	A form of commercial building which contains one or more spaces mainly designed to be used for the sale of goods to the general public.
Retail Format	Classification of retail properties based on the characteristics of the property and its location
Retail Type	Classification of retail space based on characteristics of the tenant which occupies the space
Retail Space	A working environment dedicated to the display and sale of consumer-focused goods