Monday, April 6, 2015

6 Types of Commercial Properties

Commercial property refers to land or developments that were built and which function to gain profit, usually through capital gain or rent.

There are six basic categories of commercial properties. Learn more about them below.

1. Land / Development Sites - this category consists of undeveloped or vacant land classified as "commercial." It also pertains to defunct, pre-existing developments pegged for re-development or set to be replaced by a new commercial project.

2. Office buildings - office buildings come in many varieties, from one-story edifices to mid- and high-rise structures. The property can be single-tenant, or it can be open to multiple tenants, as in the case of office towers. Offices may further be classified by location -- some offices, for instance, are classified under the "Central Business District" type based on their address in a prominent city center; others yet are called "Suburban Office Buildings" given their location in a suburban neighborhood.

3. Retail - retail developments encompass shopping centers, malls, grocery stores, pharmacies, and other versions of shops, stores, and establishments that provide a certain product or service. 

4. Industrial - industrial properties refer to structures or developments used for manufacturing, light assembly, or storage and distribution, as in the case of flex and bulk warehouses.

5. Hotels - Hotels, motels, guesthouses, lodging houses, hostels, inns, and other establishments that provide accommodations fall under this category. There are several classifications of hotels, such as full-service hotels, limited service hotels, and extended stay hotels.

6. Multifamily - Apartment complexes comprise this category. The apartments may be garden apartments, mid-rise, or high-rise apartments. 


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