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Commercial real estate has been turned upside down and it is far from recovered. Just last month, the National Association of Realtors reported a high vacancy rate of 13.3% .
Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many U.S. states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
Mixed-use building – a building with space for both commercial, business, or office use, and space for residential use. Possible arrangements include the commercial/business use on the first or first couple floors and one or more apartments or residential spaces on the upper floors.
Trophy or 5-star building: A landmark property designed by a recognized architect; Class A or 4-star building: Rents in the top 30-40% of the local market; well-located; above-average upkeep and management; usually older than a trophy/5-star building
Nearly 70 million square feet of office space, making up around 1.7% of the total U.S. supply, has been undergoing conversion projects to create residential-use spaces, or spaces for other uses.
Within the City of Toronto's zoning by-laws, commercial residential includes "a range of commercial, residential and institutional uses, as well as parks." [32] Mirvish Village's programmatic uses include rental apartments, a public market, and small-unit retail, [33] while also preserving 23 of 27 heritage houses on site. [34]
A commercial area is real estate intended for use by for-profit businesses, such as office complexes, shopping malls, service stations, bars and restaurants. It may be purchased outright by a developer for future projects or leased through a real estate broker. This type of property falls somewhere between residential and industrial property.
[2] [89]: 38 While the use of innovations such as form-based, performance, planned-unit development, and mixed-use zoning are common in the US, they tend to liberate relatively little land area from strict single-use zoning. [2]: 85–92 Based on a survey of 25 cities, less than 5% of land allows mixed residential and commercial uses.
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