If you know anything about New York City, it may be the fact that the real estate market never sleeps. Even during downturns, the Big Apple remains active.
There are many types of commercial real estate, all of which serve a particular purpose. It doesn't matter if a person is looking to lease or buy, it is important that he or she is aware of the available options.
Here are the categories of commercial real estate:
In addition to the primary categories detailed above, there are many subcategories to become familiar with. For example, industrial real estate can be broken down into: heavy manufacturing, light assembly, bulk warehouse and flex warehouse.
The same holds true for retail, with the following subcategories: strip center, community retail center, regional mall, outparcel and power center.
Some people are interested in investing in commercial real estate, hoping to get a large return in the future. Others need to purchase or lease a property for their business. Regardless of your position, knowing the types of commercial real estate, including the subcategories, can help speed up the process of finding the right property.
As simple as it may sound to find the perfect commercial real estate property, you never know when roadblocks will come up along the way. This can happen during the negotiation process or later on.
Some people go the extra mile to protect themselves against mistakes. Consulting with an attorney upfront can be a good way to learn more about what to expect and how to stay on track throughout the process.
Source: PropertyMetrics, "Types of Commercial Real Estate" Dec. 18, 2014