The Different Types of Commercial Real Estate
If you are looking for a nice place to settle in for your personal reasons or for your business, then you may want it to be located near all of your needs. By settling in a commercial area, you are assured that you have great access to the places that you need to visit.
Opportunities are better in a commercial area. That is the reason why properties in these locations are very much in-demand. Here at Nproperty, we have different listings of properties to cater to the needs of our clients.
Commercial real estate isn’t only applicable to houses and offices. With that, here is a closer look at the different types of commercial real estate properties that we think you should know.
Commercial areas are the best location for businesses because they are accessible to employees and to all of their resources. It is also by being in this type of area that businesses can easily be reached by their clients and business partners.
There are two types of office buildings. Namely, urban and suburban. Here’s how they differ.
- Urban office buildings are the ones which are located in cities. These ones are most commonly seen as skyscrapers and high-rise properties. This type of building may be seen as one of the most common forms of offices.
- Suburban office buildings are smaller in shape. Although some of these may also be in cities, their location may not be that as strategic as that of urban buildings’. Usually, these are grouped along with other buildings.
Regardless of what buildings they may be located in, offices are ranked in three different classes. Here is a closer look at those classifications.
These are the ones that are constructed with the best materials. They also have the best office locations, because of their accessibility to clients.
These offices are also made of high-quality materials. However, in comparison to Class A offices, their locations are not that accessible.
These offices are not in their best condition. They are almost dilapidated. Also, their location is not that impressive.
These properties are where the products we use are manufactured and stored. This type of property is usually bought by large companies who wish to make new products. When it comes to land area, industrial properties are really spacious, especially when they are to be used as factories.
Industrial properties fall under different sub-categories. Here are some of those.
True to its name, heavy manufacturing properties are the ones that are dedicated to making products. Considering the fact that these properties are equipped with heavy machinery, they have a massive land area. That way, the fumes and chemicals used in the production of their stuff will be contained inside their vicinity.
This type of industrial property doesn’t require a lot of machinery in their property. Usually, these spaces are used to store and assemble products.
It functions as a combination of both industrial and office space. This type got its name from the fact that it is flexible when it comes to its function. More often than not, the land area of this type is divided into two so that it can serve both of its purposes well.
Bulk warehouses usually range from 50,000 to 1,000,000 square feet. The reason why they have such a large space is that it is where the products are stored before they are picked up for distribution. That way, they will need a large space so that the trucks can have access to their vicinity. Also, a large parking space is also needed for the trucks so that the products can be loaded carefully.
The shops where we buy our needs from is also another type of a commercial property. These properties are located at prime locations so that they can be easily accessed by customers. Examples of these may also include our favourite restaurants and malls. Here are some of the classifications that it has.
Community retail centre
These properties often have a land area of 150,000 to 350,000 square feet. Some of the tenants in this property are mini grocery stores and drug stores. Also, these properties often have a couple of restaurants so that their customers can eat as they shop.
Out parcels are establishments that are only occupied by one tenant. Usually, this type of property is the one being used as banks or fast-food restaurants. More often than not, these properties have a strategic location so that they can be more appealing to their customers.
Power centres may be considered as a shopping centre where people can shop a lot of products. Usually measuring about 300,000 square feet, these usually have several small outparcel buildings so that shoppers can enjoy more convenience.
This is one of the largest types of retail property. Usually ranging from 400,000 to 2,000,000 square feet, it is no doubt that these properties have lots of space that can attend to the needs of their tenants. These properties are also located strategically so that they can be more accessed by people.
Malls offer a lot for people as they are equipped with department stores, speciality shops, restaurants, as well as entertainment facilities.
For travellers, hotels are really important because it serves as their temporary home when they are in a different place. With that, here are some of the most common types of hotels.
This type of hotel are the ones that are located in prime locations and in central city districts. True to its name, these hotels give its full service to their guests who are also allowed to enjoy their amenities. Some things that can be expected from these hotels are room-service, fitness centres, and in-house restaurants.
Limited service hotels
This type of hotel may not be as luxurious as that of full-service hotels but they also offer their guests a nice lodging experience. They were called limited-service hotels for a reason because they do not offer the same amenities as that of full-service hotels’. Budget hotels
These hotels are intended for travellers who are just looking for a place where they can spend the night. The costs of staying here are cheaper because they do not have other amenities, aside from their rooms that tend to have a lower quality than that of full-service hotels’.
Last but not the least, multifamily real estates are the ones where we live. This is also the most common type of property that people look for. With that, here are some of its most common types that you should know.
Duplex pertains to two properties while triplexes and quadruplexes talk about three and four units, respectively. These ‘plexes’ fall under the multifamily type since there are several similar-sized units inside one property. Although these properties may be linked with one another, each one has its own door and its own set of walls that separate it from the rest.
This type of multifamily property is very popular among people. In fact, these units often have multiple tenants that live next to each other in these plexes.
This type of apartment has several structures that are usually up to three or four stories high. They may also have a total of 50 to 200 units, if all the units were to be combined. More often than not, several buildings of this type are spread out across a massive lot that has a beautiful garden in the middle. In that common area, people can enjoy using facilities like playgrounds and clubhouses as a part of their mini community.
Here, the units may vary in sizes. Some of the size options here often include:
- Studio units
- One-bedroom unit
- Two-bedroom unit
- Three-bedroom unit
Mid-rise apartments can be more pricey compared to other multifamily types because of its strategic location. Usually, these are 12 or more stories high. They can also have more than 100 units per establishment.
Aside from its commercial location, another factor that can add up to its value is the fact that it has elevator services and proper parking spaces that make living more convenient for its residents.
Overall, there are lots of different types of commercial properties that you should know. By being familiar with these, you can have an idea about which type can best suit your purpose in choosing the ideal property for you or for your business.
If you still happen to be undecided and confused about what may be the most suitable type for your specific needs, then feel free to consult with us as we help you find the perfect one for you here at Nproperty.