Legal Terms in Real Estate -Terminologies & Words(B2)
B2. Commercial Property
46. Central Business District (CBD)
Any commercial area, located in the centre of a city, and the radius of 2-3 kms surrounding it, is called a Central Business District (CBD). This is the hub of all major commercial activity in the city, comprising financial institutions, large corporate entities and retail stores.
47. Commercial Plots
and specifically zoned or earmarked for business purposes. They're intended for the construction of commercial buildings or structures.
48. Office Buildings
Structures specifically designed to house businesses and corporate operations. They become commercial properties when leased out to businesses to generate rental income.
49. Office or Work Spaces
Individual rooms or areas within an office building, meant for businesses. These spaces are commercial when they're rented or owned by companies for business operations.
50. Retail Spaces
Retail real estate are properties that are designed to sell goods to the public. Examples include malls, shopping centers, and standalone shops. They're considered commercial when they're used primarily for business purposes and generate income.
51. Warehouses
Large buildings meant for storing goods. These can be used by manufacturers, wholesalers, or logistics companies. They're classified as commercial if they're used for business storage or distribution purposes.
52. Industrial Property
Areas used for the production, manufacturing, or distribution of goods. Examples include factories and processing plants.
53. Mixed-Use Buildings
Properties that combine both residential and commercial units. For instance, a building might have shops on the ground floor and apartments above.
54. Business Parks
Clustered areas of office buildings or industrial spaces, designed to cater to specific industries or businesses.
55. Hospitality Property
Commercial properties used in the hospitality industry, like hotels, motels, and resorts.
56. Storage Units
Spaces rented out to individuals or businesses to store goods. Though smaller than warehouses, they are commercial when used for business storage.
57. Service Centers
Properties meant for providing services, such as car service stations, salons, or dry cleaners.
Courtesy: ASSURE SHIFT
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