Buying commercial property is a hefty investment, so you need to think about what type of commercial property will work best for your needs. Commercial properties come in many shapes and sizes with different features and benefits. In this blog post, we’ll discuss the types of commercial properties available so that you can find the one that’s right for you!
Before choosing a commercial property it’s always a good idea to do your research depending on what area of the industry you’d like to invest, having a commercial property valuation completed will give you a broader insight into what the market conditions are and the true value of the commercial property investment you are interested in.
A valuation will also help you navigate towards a decision in what you are looking for in being successful with an increase in the value, growth and development over time.
What is commercial property?
While there are many different types of commercial properties, we’ll focus on the most popular ones. These include office buildings, retail space, industrial property, warehouses, and apartments.
We recommend that you use our guide to determine which type is best for your investment needs!
Why should you invest in commercial property?
Investing in commercial property can be a lucrative and stable investment strategy. If you buy the right type of property, then you could end up making an excellent return on your money!
Just make sure that you really consider what types of properties will work best for your needs before committing to any investments.
Different types of commercial properties
#1. Office Buildings
Office spaces can be found in a variety of sizes with differing amenities. Office spaces are great for companies looking to expand their business, but they can also be an excellent opportunity for investors who want to rent out office space and collect on the monthly rental income.
#2. Retail Space
Retail properties come in many different sizes with elements like storefronts or restaurants and shopping centre’s that make them unique.
#3. Industrial Property
Industrial properties provide a variety of commercial spaces with manufacturing or business-related use. They can be found in many different types and sizes, which means that there’s something to satisfy nearly every investment need.
They can often be purchased at a discount due to their out-of-the-way locations and the fact that they’re not as desirable as other types of properties.
Warehousing is one of the oldest forms of commerce. Like other types of commercial property, warehouses can come in a variety of forms and sizes.
There are two types of warehouse options, flex warehouse, is easily converted and normally includes a mix of industrial and office space. bulk warehouse properties are around the 50,000 + square feet of space used for regional distribution of products and are easily accessible by trucks entering and exiting on a daily basis.
#5. Apartments Mid-rise and high-rise
Providing a variety of options from 5-12 stories that can contain 30-100 units with elevator service. high rise is found in larger markets with 100+ units and are professionally managed, apartments that exceed 10+ stories it’s considered high-rise anything above 40 in then a skyscraper.
Finding an apartment that suits your lifestyle and needs isn’t easy, check out apartments for rent in Springfield.
How to buy a commercial property
If you’re interested in investing in commercial property, you’ll need to consider the costs of buying and maintaining your new investment along with understanding what types of properties are available so that you can get started today.
An investment in a commercial can bring in a high range of returns and long lease options among other reasons. but as with most investments, there are drawbacks and these assets are not without risks, which many first-time buyers need to be aware of.
Tips for buying a new business location
When buying commercial property, we recommend that you consider these tips:
- Learn about the different types of properties available and how they’ll work for your investment needs. This will help you narrow down which type is best for you!
- Understand what’s included in the cost of commercial property so that there aren’t any surprises along the way.
- Find out what types of renovations are needed before the property can be used for your business. It’s important to find out if there will need to be any major changes or updates made in order to use the property!
In conclusion, if you want to invest in commercial property, it’s important that you first understand what types of properties there are and how they’ll work for your investment needs.
This will help ensure that your money is working as hard as possible!
About the Author!
Adam Webster – LinkedIn profile
With over 25 years of industry experience within the state, Adam Webster is one of the top property valuers in Victoria. He has appeared as a guest lecturer at numerous universities in Melbourne and has run career development seminars. Adam has extensive knowledge of the Melbourne property market, gained through his years valuing commercial, industrial, and residential properties throughout the metro and greater suburban area.