Several factors go into the property rate including property size, protection class, age of the building, construction type, etc.
Protection Class
These rates are determined by things such as the protection class of the property. Protection class is determined by things such as how far your business is from the fire station or how far your business is from the nearest fire hydrant.
Construction Type and Age
The construction type and age of your building will also affect the property rate on your policy. Masonry construction may receive a lower property rate than frame because it is less susceptible to certain types of losses.