Commercial Real Estate: Which Are the Main Types?
The property business has taken over the world over the last few years, with new trends emerging almost daily in residential and commercial properties. Commercial real estate, also known as CRE, has become a lucrative opportunity for many entrepreneurs. Nonetheless, not all business people understand the different types of commercial real estate Daytona Beach -based, making the information in this article pretty critical.
Retail
Retail properties are the business buildings you see on the market where you can go in to buy different products, such as clothes, food, liquor, or shoes. They are divided into two – single-tenant and multi-tenant. However, the phenomenon of retail properties is unclear, considering they can be classified according to size, number of tenants, site area, and concept.
Industrial
This property type is related to the production of different products. They include factories, warehouses, and manufacturing plants, which can further be divided into heavy manufacturing, flex warehouse, bulk warehouse, and light assembly.
Office
As the name suggests, these commercial buildings are used for official operations. Offices can be divided into three categories, Class A, B, and C. The classification is based on the space’s health and location, with Class A offices ranked as the best.
Multifamily
Many people did not know that multifamily buildings fell under commercial real estate for a long time. That is because they are designed for people to reside in, but their overall purpose is for investment. The sub-categories of multifamily real estate include high-rise apartments, duplexes, mid-rise apartments, low-rise apartments, and garden apartments.
Special-Purpose
This is one category that many people forget falls under commercial properties. CRE investors own special-purpose properties but are not classified under any of the above-mentioned properties. They include churches, amusement parks, and oil refineries.
Understanding commercial real estate is the first step to succeeding in this lucrative entrepreneurial venture. One of the critical things is to grasp the information explained above concerning the different types of commercial properties.
