There’s no governing body overseeing the classification of properties, so it’s more loosely done through a consensus among developers, brokers, agents, appraisers, and analysts in a local real estate market.
Commercial real estate, especially with offices or residential units, can be assigned a class, which describes its age, location, and condition. There’s no governing body overseeing the classification of properties, so it’s more loosely done through a consensus among developers, brokers, agents, appraisers, and analysts in a local real estate market.