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Overview of Commercial and Industrial Property Development: Types and Trends

This chapter delves into the various types of commercial and industrial properties, including shopping/retail centers, office buildings, hotels/motels, and restaurants. It outlines the different categories of shopping centers, such as neighborhood and superregional centers, and discusses the evolution of shopping districts from downtowns to suburban developments. Additionally, the chapter covers market and feasibility analysis techniques for property developers, including tenant selection and site location considerations to ensure project success in modern commercial real estate.

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Overview of Commercial and Industrial Property Development: Types and Trends

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  1. Chapter 18 Commercial and Industrial Development

  2. Types of Commercial Property • Shopping/Retail Centers • Office Buildings • Hotels/Motels (Hospitality) • Restaurants

  3. Types of Industrial Property • Factories • Warehouses • Distribution Centers

  4. Shopping Center Types • Neighborhood shopping center • Community shopping center • Regional shopping center • Superregional shopping center • Other shopping centers • Super Store • Factory Outlet Center

  5. Figure 18.1

  6. Table 18.1

  7. Evolution of the Shopping Center • Old downtown/Main Street • Suburban growth & the automobile

  8. Shopping Center Development • Market and Feasibility Analysis • Primary and secondary trade areas • Market size • Competitive survey • Site Location • Tenant Selection

  9. Cinderella City Mall/ Englewood City Center

  10. Cinderella City Mall/ Englewood City Center • 1968 – 1.35M SF • 1997 - closed

  11. Cinderella City Mall/ Englewood City Center

  12. Today’s Shopping Center Development • ULI suggestions for project success: • Unified architecture / theme • Many entrances/exits • Sufficient on-site parking • Quality site improvements

  13. ULI:“Dollars & Cents of Shopping Centers” (1995)

  14. Office Buildings • Location • Central business districts • Secondary office nodes • Office parks • Corporate Campuses • Cheap land • Cheap parking • Employee quality of life • Office Condos

  15. Office Condos • Owners own piece of a building (their space) • - Mortgage on their space • - Condo (maintenance) fees • - Real estate taxes • Benefits: • - Value appreciation • - Tax advantages • interest & depreciation deduction • - Fixed office space costs • Except for increases in maintenance/taxes • - Often cheaper than leasing • Risks • - Rising interest rates could reduce/eliminate appreciation gains • - Need for more space • - Long term commitment

  16. Industrial and Distribution Facilities • manufacturing • warehousing • distribution • analysis technique • determine existing and potential supply • forecast demand • estimate absorption rate • compare competitiveness with other projects

  17. Lodging Facilities • Customers: • Business • Pleasure • Conventions • commercial hotels • highway or airport hotels and motels • resort hotels

  18. End Chapter 18

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