We all know that real estate is a very common and important field. so if you are interested in the commercial real estate field, you should first know that commercial real estate is any non-residential property used for commercial profit-making purposes. Commercial real estate includes stores, malls, office buildings, and industrial parks. here, we will present its types.
Types of Commercial Real Estate
Office buildings are a type of real estate that categorized into three categories:
- Class A Buildings have high-quality standard finishes, state-of-the-art systems, exceptional accessibility, and a definite market presence.
- Class B Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price.
- Class C Buildings competing for tenants requiring functional space at rents below the average for the area.
It also categorized as:
- Urban buildings are found in cities and include skyscrapers and high-rise properties.
- Suburban buildings are usually smaller in stature and sometimes grouped in office parks.
These buildings are mostly located outside of urban areas and also can be categorized:
- Light Assembly can be easily reconfigured. Typical uses include storage, product assembly, and office space.
- Heavy Assembly is heavily customized with machinery for the end user, and usually, require substantial renovation to re-purpose for another tenant.
- Flex warehouse is an industrial property that can be easily converted and normally includes a mix of both industrial and office space.
- Bulk Warehouse is used for regional distribution of products and requires easy access by trucks entering and exiting highway systems.
They can be multi-tenanted or single-use, standalone buildings. This type also has many categories we will show them as follows:
- Strip Center is an open-air shopping mall where the stores are arranged in a row, with a sidewalk in front. Strip malls are typically developed as a unit and have large parking lots in front.
- Community Retail Center A retail property offering a wider range of apparel and general merchandise than a neighborhood center. Discount department stores.
- Power Center outdoor shopping mall that usually includes three or more “big box” stores. This type of property might include smaller retailers and restaurants that are either free-standing or located in strip plazas and surrounded by a shared parking lot.
- Regional Mall a shopping mall which is designed to service a larger area than a conventional shopping mall. Regional malls are also found as tourist attractions in vacation areas.
- Out parcel A small lot at the outer edge of a shopping center, usually reserved for later sale to a fast-food outlet or chain restaurant; also called a pad site.
These cover all types of real estate outside of single-family, including apartments, condos, co-ops, and townhomes. Like office buildings, multifamily properties are often classified into Class A, Class B, and Class C. from multifamily types:
- Garden is typically 3-4 stories with 50-400 units, no elevators, and surface parking.
- High-rise A building with nine or more floors and at least one elevator.
- Mid-rise A multistory building with an elevator, typically in an urban area.
- Walk-up A four- to six-story building without an elevator.
This type has many types:
- Limited-service Does not have room service, on-site restaurant, or concierge.
- Full-service Includes room service and has an on-site restaurant.
- Boutique Located in an urban or resort location, has full-service amenities, is not part of a national chain, and has fewer rooms.
- Casino Has a gaming component, such as video poker or slot machines.
- Extended-stay Limited-service with fully equipped kitchens in guest rooms and larger rooms for long stays.
- Resort Full-service, a large amount of land, in a typical resort location, and has an attached golf course, water park, or amusement facility.
- Greenfield Land refers to undeveloped lands such as a farm or pasture.
- Infill Land is located in a city has usually already been developed, but is now vacant.
- Brownfield Land is parcels of land previously used for industrial or commercial purposes but is now available for re-use. These properties are generally environmentally impaired.
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