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Commercial Real Estate Las Vegas is a broad category of property leased to businesses to generate investment returns through rent payments and price appreciation. It can include everything from a single-tenant auto dealership to a hotel.
SVN offers a full suite of commercial real estate services that spans investment sales, brokerage, and mortgage banking for office, retail, industrial, multifamily, and special-purpose properties.
Commercial real estate encompasses a broad range of property types. It can include office buildings, retail spaces (shopping centers or warehouses), industrial properties, and more. These properties typically serve a business function and generate income for the owner or investors. The revenue of commercial real estate tends to be more stable than residential rental properties and is typically less affected by economic cycles.
Office buildings are commercial real estate that can be used for professional and business offices. They can range in size from small, single-story office buildings in suburban areas to skyscrapers that tower over cities’ central business districts. Office buildings are generally classified into three categories: Class A, Class B, and Class C. Class A buildings are the most expensive and highest-quality offices, offering modern stylings and high-end infrastructure and services. Class B buildings fall in the middle price range and offer a balance between cost and quality. Class C buildings are the lowest-quality offices often found in less desirable locations.
The office market is a diverse sector with many subsectors that investors can target. Investors may be interested in specialized spaces like medical office buildings or light manufacturing facilities. They may also want to invest in a multi-tenant building occupied by multiple businesses and offers diversification.
Aside from the type of space, other factors, such as location, can affect a commercial office building’s value. Urban office buildings are usually more desirable than suburban spaces and can offer better access to amenities and services. Finally, office buildings that are major tenant anchors can attract tenants and raise rents for surrounding space.
Despite these advantages, there are some concerns with investing in the office market. For example, rising interest rates have raised the risk of loan defaults and delinquencies for some office buildings. This is a concern for all real estate assets, but especially for those with loans that are set to mature, such as office properties, says Craig Deitelzweig, president and chief executive officer of Marx Realty.
Retail spaces are ideal for businesses that rely on consumer traffic. These are typically located near a larger company, an “anchor store,” like a grocery or department store, to draw consumers over and help drive traffic to smaller stores in the same area. The space is often found in groups, such as malls or retail parks, and may have large glass windows with products or mannequins to help it stand out to passers-by.
Retail space is a commercial real estate comprising many structures, from multi-tenant shopping centers to single-use pad sites. These include big-box centers (like those occupied by retailers such as Target, Walmart, or Best Buy), strip malls, lifestyle centers, and regional malls. Whether your retail business is looking for a location in a multi-tenant property or a standalone building, it’s important to find the right fit.
Choosing the right retail space for your needs will depend on many factors, including location, parking availability, and visibility. Your broker should be familiar with the different types of retail properties and be able to help you narrow down your search to the locations that suit you best.
Leasing costs for retail space will vary depending on the location. In the most desirable retail areas, such as the “Gold Coast” (including Fifth and Madison Avenues), rents are much higher than elsewhere in the city, reflecting the prestige of the location. For instance, boutique and luxury retailers such as Cartier, Hermes, Bergdorf Goodman, Fortunoff, Dolce and Gabbana lease retail space on the famed 57th Street, nicknamed Billionaire’s Row.
Working with an experienced broker is a good idea for any commercial real estate. They can save you time and money by finding the right property for your business and negotiating favorable rates and terms with the landlord. If you still need to get a broker, ask other business owners for referrals or visit the websites of local commercial real estate companies to browse available listings. With a wide variety of spaces, there’s sure to be a perfect space for your brick-and-mortar business.
When most people think of commercial real estate, they envision buildings reserved for business purposes, like office buildings or retail stores. However, industrial space is also an important part of commercial real estate. These properties are typically large warehouses used for storing, transporting, and managing goods and materials on a massive scale. Almost every item found in our homes, offices, and favorite restaurants/bars was produced, stored, or shipped through an industrial facility at some point.
There is a lot of demand for industrial space as e-commerce and other business services continue to grow. Companies are shifting their focus to delivering products and services directly to consumers, which requires more efficient supply chains dependent on warehouses. This increased need for industrial space is boosting the value of these properties.
While many businesses may think warehouse spaces are only good for storage and distribution, they can be a great option for creative office spaces. The open floor plans and high ceilings of warehouses can make for a unique and collaborative work environment that encourages productivity and performance. There are now more businesses than ever before that are choosing to operate out of warehouse spaces.
The main reason behind the increasing demand for warehouse space is that most businesses want to cut out the middleman and ship directly to consumers. This is only possible if the company has access to massive warehouses in industrial areas of major cities where they can deliver their products within hours of purchase. These facilities are being built in record numbers to support this growing need for e-commerce and logistics infrastructure.
Several different types of warehouse space are available on the market, with Class A being the most desirable and sought-after. Class A warehouses offer a modern and well-maintained environment with the latest technology and security systems. Class B warehouses are older and less appealing but often have more affordable rental rates than Class A locations. Finally, class C warehouses are usually over 20 years old and need significant repairs and renovations.
A growing trend in commercial real estate is the move towards mixed-use spaces. These properties combine residential, office, retail, and entertainment elements into a cohesive unit, providing a more integrated experience for tenants and visitors. These spaces are a response to changing consumer trends, including the growing desire by millennials to live, work, and play all in one place.
A mixed-use property can be a building or a land development with residential and commercial functions. It can be categorized as horizontal mixed-use, where different uses are stacked on each other, or vertical mixed-use, where the commercial functions are located on the ground floor and the residential space is above them.
The main advantage of a mixed-use property is that it creates a more vibrant and active community. Having residential and commercial spaces in the same area encourages social interaction between neighbors and provides a variety of shopping and dining options for people to enjoy. The increased activity also helps stimulate local economies by bringing in more customers for businesses on the property.
In addition, a mixed-use property can be a more cost-effective alternative to building separate commercial and residential spaces. It saves on the cost of infrastructure and utilities and allows for more efficient land use. It also reduces transportation costs for residents who can walk to restaurants, shops, and businesses that offer deliveries or pick-up services to residential customers.
Finally, a mixed-use property can provide investors with diversified income streams. It’s usually easier to rent out apartment units than commercial space, and having both types of space on the same property is often more profitable. Unlike many other commercial spaces, where business owners cannot set their hours of operation, those renting from a mixed-use property can have more flexibility with their hours.
While some banks hesitated to finance mixed-use buildings in the past, this trend has slowed down. Most banks will loan money for mixed-use properties, provided they have good credit and a solid financial history.