CoStar will attempt to replace the current Class A, B and C classification system for commercial properties with a five-star rating system.

The company, which tracks commercial transactions around the nation, said it believes the five-star rankings will offer more specificity across the board to brokers and investors searching for deals.

"Three categories just aren’t enough," said CoStar founder Andrew Florance at a morning presentation at the company’s corporate offices in Boston. "[The ratings are] not out there for retail, multifamily or land. When we look from Boston to Orange County, there is [little] relation between what we call A and they call A."

The firm’s building ratings will include all commercial property types, even multifamily and industrial buildings, which are currently not a part of the Class A, B and C ratings. Researchers will evaluate criteria including location, mechanical systems, amenities and design to help determine an appropriate designation. The company will ask brokers from various U.S. markets for feedback while devising the new rankings, Florance said.