Thursday, April 6, 2017
The Types of Commercial Real Estate Property
Amin Andy Lakha is an accomplished real estate executive that holds a degree from the the University of Illinois. An avid golfer in his free time, Amin Andy Lakha currently serves as the CEO of Lakha Investments and the president of Premier Center Management, a real estate investment firm that specializes in commercial property.
Commercial real estate is defined as any form of non-residential property that is used for business purposes to make a profit. Although there are numerous forms of commercial real estate property, the most common four types can be broken down into office, industrial, retail and multi-family.
Office properties include low, mid, and high-rise buildings that are used by firms for office space and can often be found in central business districts. Alternatively, industrial properties are almost never part of central business districts due to the large amount of space they require. Industrial properties include buildings used for manufacturing, warehousing, and research and development activities. Retail properties, which include any space engaged in direct consumer sale, are typically found at ground level. There are a wide variety of retail buildings, ranging from large malls and outlets to small single stores. Lastly, multi-family housing includes apartment complexes and other low, mid, and high-rise buildings that include more than one unit to house multiple tenants.