What are the Different Types of Commercial Real Estate?

If you’re looking to get into commercial real estate, you will need to know the different types of commercial real estate. Keep reading to learn about the six types and what they comprise. 

Office

With office commercial real estate, you have two types: urban or suburban. Cities have urban office buildings, which include skyscrapers and high-rise properties. Suburban offices are normally smaller and sometimes grouped in office parks. Just one tenant can occupy the space or multiply tenants, with many built-to-suit.

Office Buildings Rank In Three Tiers:

  • Class A: These are the most prestigious buildings that compete for premier office space, with above-average rents for the area. Contractors build high-quality finishes, with the best systems, extraordinary accessibility, and a defined market presence.
  • Class B: Buildings that compete for a wide variety of users with above-average rents with building finishes and systems fair to good for the area. Class B doesn’t compete with class A for the same price.
  • Class C: Below-average for the area, class c competes for tenants requiring functional space.

Retail

The retail sector comprises retailers and restaurants people frequent and can have several tenants, with an anchor or lead tenant; they serve to drive traffic to the property. It can also be just standalone, single-use buildings.

Size, concept, types and number of tenants, as well as trade area are all factors in the retaIl sector, therefore, can be complicated to navigate. National chain stores like Target, Walmart, Best Buy, or Costco, considered big box centers are single-tenanted buildings. Pad sites that include a single tenant within a shopping center usually include a bank, drug store, or restaurant. 

Industrial

With a variety of tenants, industrial buildings operate mainly outside the urban areas, particularly along major transportation routes. These low-rise buildings are often grouped into industrial parks and are categorized into four types:

  • Heavy Manufacturing – heavily customized buildings and house machinery manufacturers that need to operate, producing goods and services</b
  • Light Assemblynot as customized and could be used for product assembly or storage
  • Bulk Warehouselarge buildings used as distribution centers
  • Flex Industrialcontain a mix of both office and industrial space

Multifamily

This type of commercial real estate comprises all types outside of single-family, and includes apartments, condos, co-ops, and townhomes. These are also classified into Class A, B, and C. Apartment rental buildings are split into six property types:

  1. High-rise
  2. Mid-rise
  3. Garden-style
  4. Walk-up
  5. Manufactured housing community
  6. Special-purpose housing

Hotel

Hotels may be boutique or independent or flagged (part of a major hotel chain). The hotel sector is also split into six separate categories, such as limited service, full service, boutique, casino, extended stay, and resort.

Special Purpose

Also owned by commercial real estate investors, but doesn’t fall within the above the above categories, special purpose includes churches, self-storage, amusement parks, and bowling alleys.

Belden Real Estate Management

If you’re looking into commercial real estate business or own properties and need management services, we can help. We find and place only the best-qualified tenants possible and in a reasonable timeframe in the Layton, Utah area. Contact us to learn more!

 

Property Management Ogden

Belden Real Estate is proud to represent rental properties in the Ogden, Utah area. It is an exciting time to live in Ogden, and the growth has shown that. Ogden has been growing at a healthy rate in the last several years, and the market for rentals is still on an upward incline, like much of the nation. Between retiring baby boomers and a large rising generation of millennials, the need for small and temporary properties has risen dramatically. Ogden is no exception.

Ogden has a need for rentals to serve several segments of the vital population. Weber State University is a focal point of the greater Ogden area, and rentals for students of all ages are in high demand. Don’t forget the Ogden-Weber Applied Technical College, Stevens-Henager, and other trade schools which attract students in need of housing. Another popular demographic for rentals are young professionals who flock to jobs at the Internal Revenue Service branch, McKay Dee Hospital, the university and local school district, and the growing business parks and corporation headquarters which are located in Ogden.

Ogden is also accessible by I-15 and I-84, as well as US-89 for driving commuters, or UTA bus or Frontrunner train commuting. This means there are many traveling into Ogden each day for business, or Ogden residents traveling to jobs in Salt Lake City, Brigham City, Layton, or anywhere in the greater North Salt Lake region. What does this mean for you? Rental potential.

If you own property in the Ogden area, you can be earning major passive income from that property. Managing a rental property can be complicated and more work than you’re ready to take on, but Belden Real Estate is local, knowledgeable, and well-versed in the real estate needs of the Ogden area. If you enlist the management of the Belden group, we can successfully manage your Ogden property while all you have to do is cash your rent checks. We keep the properties clean and up to date. We’ll collect rent, find and screen tenants, handle any emergencies or maintenance work. We are trustworthy and committed to the area, which means you can rest easy knowing your property is in the best of hands.

Don’t waste time and stress on your Ogden rental property – let us do the work and send you the checks. Call Belden Real Estate Management today!

Property Management in Bountiful

Bountiful Utah is a beautiful place to live, with much to offer. Those who live there enjoy the neighborly community and the benefits of bustling commerce. Nestled into the foothills around the bend from Salt Lake City, Bountiful operates as it’s own successful city, while also serving as a “bedroom” community with close access to Salt Lake City. Many inhabitants of Bountiful commute into Salt Lake City or the Salt Lake Valley for work or school, as it’s just minutes away from downtown, the University of Utah, and thousands of booming businesses. Thanks to Frontrunner and the Legacy Parkway it is easier than ever to move between Bountiful and Salt Lake City.

Bountiful has slowed in growth as boundaries have been met and free spaces filled. But the demand for housing and rentals has remained high. People are looking for reliable housing, and homeowners are more frequently looking for newer or quieter options. At Belden Real Estate we are here to help. If you own a property in the Bountiful area, you may not even realize the demand for rentals, and the potential you have to be earning passive income.

Or maybe you’re already a landlord in the Bountiful area, frustrated with all the complicated details and moving pieces of your rental process. You have to rigorously check your potential tenants, keep up on contracts, maintain and repair the properties, and so much more. Belden Real Estate can help you with that! Our property management is designed to help you enjoy the best parts of being a landlord without all the hassle.

If you own a rental property in the Bountiful area, or you’re considering utilizing your property as a rental for an easy passive income, you can eliminate most of the stress by hiring Belden Real Estate & Property Management. We’ll check your properties, advertise, screen tenants, take care of maintenance, collecting timely rent, and any other issues a landlord needs to face. We offer an affordable rate and simply send on your passive income so you can enjoy the very best parts of being a landlord with none of the stress.

Give Belden Real Estate a call for help managing your Bountiful Utah property!