Types Of Commercial Real Estate Explained
23 Sep, 2016
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Commercial real estate is not a one size fits all kind of a field. Every aspects of every piece of real estate is a little bit different. That said, it’s not all just complete chaos either. There are categories and experts who specialize in understanding the nature of each of their markets. So in the interest of helping you better understand the perks of Commercial Property For Rent Westchester NY services and what they can do for you and your business, here is a list of those category and a brief description of each.
Office Real Estate
When it comes to office buildings, there are, the most general terms, three classes. A Class A building encompasses everything one looks for when investing in real estate. Immaculate architecture, construction that can stand the test of time, and a solid location. Class B has that same unbeatable construction and durability, but may be lacking in its location. Class C refers to the rest, which of course, is a sweeping generalization. The point is that these classifications are very relative, which means buy/renter preference and context come into play in a big way.
The advantages and disadvantages of location vary largely depending on the preference of the buyer/leaser. If you’re interested in working in the central business district, then you’ll probably find yourself looking at highrises. You’ll have closer proximity to more clients, but your rent will quite possibly be a whole lot higher. On the other hand, if you prefer to keep your rent low while enjoying minimal noise and distractions and are not so concerned with accessibility, a suburban office building may be the right space for your business.
Industrial Commercial Real Estate
Industrial real estate is a specialized section of real estate that requires a lot of customized equipment. This can sometimes limit the amount of options a prospective tenant has to choose from, because it’s usually a lot less costly to find a space that already has the equipment for the particular type of heavy manufacturing that the tenant’s company provides. Otherwise, there needs to be a lot of expensive renovations and additional construction.
There are other kinds of industrial real estate that doesn’t involve heavy machinery and are much less expensive to rent since they require minimal modification. For example, storage space falls under the category of industrial real estate. Additionally, there’s also warehouse space, which owners can do what they please with.
And finally, we have retail, which includes strip malls, community retail centers, and smaller stores. A strip mall usually has a series of smaller businesses from varying industries, such as jewelers, local restaurants, dry cleaners, etc. An anchor tenant is a large retail giant like Wal-Mart or Target.
Rakow Group is a Commercial Property For Rent Westchester NY company. They offer assistance in locating properties by drawing from an extensive network of resources, along with consulting services and help negotiating once a property is found. Their services include, but are not limited to retail, industrial, medical, and office commercial space. To learn more about their services, or to set up your first consultation, give them a call at 914-422-0100 Ext. 10.
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