In contrast to residential real estate, commercial real estate is land that is exclusively used for business or to provide a workspace. Commercial real estate is frequently leased to tenants so they can operate profitable enterprises. Florida commercial real estate can generally be split into eight major groups, but official classifications vary by county.
When we talk about “office space,” we’re referring to any and all commercial properties where companies can lease out empty offices.
Any property used for industrial activities, such as heavy manufacturing, light assembly, bulk warehouses, and flex spaces that blend industrial and office space, are referred to as industrial space.
A retail space is any structure utilized for retail operations. This could include everything from lone shops to strip malls and commercial centers. Larger locations, such malls, typically have an anchor tenant, a larger department store that draws other retailers.
Three different groups are used to categorize hotels. Full-service hotels are large, multi-room establishments with at least one bar or restaurant. Smaller, more modest hotels with limited offerings may not offer extras like turndown service, 24-hour front desk assistance, or concierge services. Larger accommodations that resemble serviced apartments are offered by extended stay hotels.
Multifamily complexes, which include apartment buildings with more than five units, are categorized as commercial space since they bring in rental income for the building’s owner or management company.
Properties that fit into more than one of the aforementioned categories are known as mixed-use properties. Apartment complexes with multiple floors and ground-floor retail are typical examples of mixed-use constructions.
Land that has previously been used for industrial or commercial purposes but is now available for reuse includes farmland, agricultural real estate, vacant land, and brownfield land.
Special-purpose real estate includes commercial structures including parking lots, zoos, theaters, and amusement parks. Special-purpose real estate is any piece of commercial property that does not fit into one of the following categories.
Monroe Funding Corp has a wealth of experience and knowledge to help you reach your investing goals. To learn more about Florida Commercial Real Estate Loans, contact us online or by phone at +1 (954) 419-3539.