Commercial real estate is land, facilities, or property that is set aside for business purposes and usually cannot be used as residences. There are several different types of commercial property; here are a few common ones besides traditional high-rise and low rise office buildings:
- Business Parks – This type of space is most commonly leased by service professionals such as doctors. A business park is a handful of buildings intended for general use business purposes as well as light industrial use. Usually these parks offer cheaper rent than retail spaces and are similar in price to industrial parks.
- Industrial Parks – This type of commercial real estate is comprised of buildings divided into units that are usually warehouses or big, unfinished spaces. These parks are typically zoned for heavy-industrial use, such as manufacturing. However, they can also be used for other types of businesses and sometimes have store-front window exposure. Small retail businesses that are just getting started have started to pursue these spaces because they are usually cheaper than other types of commercial properties and are often extremely similar to buildings from business parks, with the exception of large, garage-style doors.
- Commercial Retail Property – This type of property includes facilities made for store-front types of businesses and includes malls and strip malls. Many of these retail business owners lease property in business or industrial parks in addition to their commercial retail property.
When you consider these different commercial property options, two factors that might help you narrow your search are location and type of lease being offered, as well as what kind of business you intend to do in the space.