What characteristic defines a Class C property in an office building context?

A Class C property in the context of office buildings is typically defined by its lower than average rents. These properties are often older, may require significant renovations or updates, and may lack the modern amenities and features that are commonly found in Class A or Class B properties. The classification reflects their positioning in the market, appealing primarily to tenants looking for more affordable rental options.

This classification is useful for investors and real estate professionals to identify the market segment of the property. While Class A properties are associated with high-end amenities and new construction, Class C properties are generally seen as budget-friendly, attracting a different tenant demographic that prioritizes cost over luxury features. Thus, the defining characteristic of Class C properties being lower than average rents underscores their position in the commercial real estate hierarchy.