4 Types of Bahamas Commercial Real Estate
Commercial real estate is a catch-all term that includes a wide range of property and facilities. Commercial real estate is usually defined as real estate that can generate profit primarily through renting/leasing.
There are always unique market-specific commercial properties (like churches) that don't neatly fit into a specific category. However, the majority of commercial real estate easily fall into one of the following categories:
Morley Commercial agents understand the nuances of each of these different categories and share with you this handy overview of the various commercial property types:-
Office buildings vary from the historical financial center in downtown Nassau to the newer suburban buildings and office parks both east and west of downtown. Some office buildings are single-tenant, and others have multiple tenants. There are three types of property classifications for office buildings:- Class A, Class B, and Class C. In the early 2000s, almost 1 million square feet of new Class A office buildings were constructed in New Providence, offering high-end spaces with high-quality finishes and premium infrastructure. Meanwhile, downtown Nassau's older Class B and Class C office buildings continue to provide an attractive alternative.
Office tenants have different perspectives and priorities when identifying the type of space that works best for each of them. More popular within recent build-outs and renovations is using more flexible designs and even modular layouts. In other jurisdictions, urban office markets have remained appealing to those cities that promise the live-work-and-play opportunity. Since the late early 2000s, the New Providence suburban office markets have remained very attractive and therefore enjoyed expansion and relocation by tenants willing to pay for convenience, space, and ample parking. The combination of attractive amenities, networking opportunities, affordable price points, and other benefits that characterize shared or flex office spaces draw small businesses and start-ups.
Retail & Restaurant
Retail is typically everything from neighborhood and community centers to larger shopping centers and single-tenant and multi-tenant stand-alone structures, including mixed-use retail and residential development. Businesses selling products, services, dining, and entertainment experiences valued by consumers typically occupy these retail spaces. Historically, commercial development follows residential development as it is almost always essential for creating sustainable mixed-use neighborhoods.
In the US, the retail sector has been going through a period of profound change in recent years, with online shopping competition forcing traditional brick-and-mortar retail businesses to evolve and find new ways to meet shifting consumer preferences and convenience.
Healthcare and medical services are among the fastest-growing commercial real estate segments in the Bahamas. It is usual to find pharmacies near residential communities in or around retail centers, doctor and dentist offices, clinics. Other outpatient service facilities are turning to neighborhood and retail centers more recently.
While medical use for a premise is somewhat different from other traditional retailers, healthcare service providers require the same property features:- visibility, signage, customer accessibility, and quality of property maintenance.
Industrial (warehouse) buildings and facilities range from heavy manufacturing and production to light industrial, assembly, warehousing and storage buildings. On New Providence, there are two industrial warehouse developments on the outskirts with good access to transportation and distribution routes.
Morley Commercial is the largest commercial sales, leasing, and property management agency in The Bahamas. We help landlords, owners, investors, and tenants buy, sell and lease retail, office, warehouse, commercial and investment real estate in The Bahamas.
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