Types of Commercial Real Estate
By Alfred Ardis
It is true that commercial real estate comes in all different shapes and sizes. There are large companies and corporations that operate a variety of different locations. Then, on the other hand, there are small business owners that are only in control of their space. There are five different categories that this type of property is often divided into with multifamily dwellings like apartments sometimes being added on as a sixth category.
Hotels, restaurants and sports facilities are considered to be commercial real estate that falls into the leisure category. It makes sense as these businesses and buildings are where people look to have a good time and relax. There is a wide variety of different companies that all fall into this category. An owner of the property may run the business his or herself or lease it out to someone else.
Shopping centers, stores, and malls are all considered retail property. Here customers are walking into the building, looking at a company’s goods and making a purchase. There are small stores that specialize in only one thing and malls that take up several city blocks. Size can vary from one property to the next in this category. It is not unusual to see a group of retail spaces all put together in one shopping center. The goal is to find a place that is easily accessible for customers.
Everyone needs a space to work and offices are an important part of commercial real estate. There are a variety of different industries that require a central place for employees to work and customers to visit. Again, there is a real variety in the type of offices and office buildings available. Some are state of the art and ready for the latest technology. Others are older and may not have all of the same amenities. In some cases, homes can be rezoned and converted into office space, depending on the location of the property.
Industrial space is considered to be things like warehouses, garages, and distribution centers. In these buildings, there is an inventory that is being stored. This category of commercial real estate often includes large buildings with lots of space. In many cities, these buildings are all grouped together because of zoning laws.
Separate from all the rest, healthcare centers, including hospitals, doctors’ offices, and nursing homes are completely separate from the others. This commercial real estate category is very specific in that the buildings need to be properly equipped to handle all of the different services that will be provided. They need to be accessible to patients as well as the medical staff.
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