A space that allows companies to carry out day-to-day operations and serve customers or clients. As such, a commercial property does not strictly need to be a store or restaurant; it can also be a space in which income is being generated by providing services to people, such as a law office or a doctor’s office. Schools do not qualify as being commercial real estate; however, places of worship and lodging entities such as hotels, may be qualified as commercial properties.

Unlike residential rental properties, in which a tenant pays a set monthly fee for the entire apartment (and, that is how the lease agreement is spelled out), commercial property leases are generally drawn up in such a way that the occupant is paying a certain amount per square foot of space.

Within the scope of commercial properties, there are generally six different types:

Office, Retail, Industrial, Multi-family, Land, A miscellaneous catch-all category that essentially covers everything else.