Offices for Rent
The first thing a business operator looking to open up an office in the Cayman Islands is to determine is what type of office would best suite their needs. This is a multi-tiered question and we advise that the first thing that should be done is to consult a local commercial real estate professional. They will be able to use their experience and knowledge of the market to help you find the perfect space to base your business in Cayman.
Where Should My Cayman Islands Office Be Located?
This is a very important question and it will largely depend on the type of business and the needs it has that must be met. For example, how large of a staff must the office accommodate? Does the business require turnkey access or will the business be custom-fitting the space? What are the meeting room, shared spaces, parking, office equipment and collaboration space needs? What is the nature of the business that the space will have to accommodate?
Will the business only require traditional office spaces or will the business need industrial, retail or F & B (food and beverage) aspects? In general, most of the traditional office space on the island is located in the downtown George Town area in traditional high-rise office buildings. One Capitol Place or 68 Fort Street may suite those needs if this is the case. Cricket Square or the Genesis Building could also be good fits. If the business needs a bit more “room to breath” then the Seven Mile Corridor might be a better option.
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Locations such as Governors Square or Camana Bay could provide that plus easy access to restaurants, retail, amenities and foot traffic. In general, once one gets past Countryside in Savannah the options for office space go from scant to none. The district of West Bay also has virtually no options save for Centennial Towers and a few other retail spaces dotted along the topography. Traditional office space in the way most of us perceive it is located predominantly in George Town, along the Seven Mile Beach corridor or spread out in sporadic fashion as one moves through town and towards Owen Roberts International Airport/Industrial Park.
The Different Classes Of Office Space
In general terms, office spaces are classified as Class A, Class B and Class C spaces. These are different depending on the area of the world one is in but a good analogy is this class system is the same as the diamond rating for ski resorts. For example, a Double Black Diamond ski run in the Swiss Alps will look vastly different than a Double Black Diamond ski run at a small local ski area. They are judged by their immediate, local counterparts/comparable properties. Classifying office spaces is done to allow people searching the market to have a decent benchmark of what’s out there. It is not a methodical, scientific approach by any means. In general, Class A office space is the best of the best. It is the newest and most high quality of what’s in the region and usually has the finest fit and finish. These are usually the buildings with the highest aesthetic value, the most formidable infrastructure and the finest construction available in the market. Top tier offices will have premium locations and feature ease of access and usually have professional management. Pricing in Class A buildings is generally the highest in the area.
Naturally then, Class B office space will effectually be “the next best thing”. These buildings are most often (but not always) older than their Class A counterparts – but have maintained quality tenants and quality property management during their existence. Class B office space will have been well maintained and updated over the years. These offices can also be brought back to Class A status if they undergo renovations to the exterior of the building as well as commons areas & areas that are dated. They should also not feature anything obsolete such as poor Internet service or substandard communications or security infrastructure. Class C office space is the lowest rung on the ladder – so to speak. These offices are usually in older structures or in the least desirable areas. They are often outdated and in need of a great deal of renovation to be made more desirable. Their infrastructure is oftentimes outdated or obsolete entirely. They will feature the lowest rental prices and will traditionally sit on the market for some time before being tenanted. There is no formally set guideline for the classification of office space but for a local example, Camana Bay features Class A and Class B office space and is a good benchmark for quality office space in the Cayman Islands.
Finding the perfect office space in the Cayman Islands is doable and there are many fine office spaces available. A challenge businesses face in Cayman is that the country, in general, doesn’t have a lot of space! This is a small island so quality space of any kind commands a premium. The best option, as aforementioned, is to consult a local commercial real estate professional and let them navigate you through the process.
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