Class-B office buildings can compete with newer properties for tenants and generate higher rents if they offer first class connectivity, according to a new report from research firm CoStar Portfolio Strategy that looked at how WiredScore Certification, a third-party evaluation system for rating a building's Internet connectivity performance and infrastructure, impacts rents and occupancy in Manhattan. CoStar and WiredScore have been collaborating as data partners since 2014, according to CRE Tech.
Wired Certification is an international connectivity standard for identifying, evaluating and verifying commercial buildings with the fastest and most reliable Internet connections.
The study found that class-B office buildings benefited from a rental increase of up to $7.50 per sq. ft. for Wired Certification, when controlling for building quality and distance from a subway station.> Click here to read entire article.