What is the Difference Between Retail and Commercial Space

1. What is the Difference Between Retail and Commercial Space? www.officesolutions.com.sg

2. It can be a little confusing when people use the terms "retail space" and "commercial space" interchangeably. Do the two differ from one another, or are they interchangeable? Is all commercial real estate also retail real estate, or vice versa? How and where do they intersect? Fear not, there is a straightforward explanation. The two's parallels and differences are listed below. Difference Between Retail and Commercial Space In essence, there are two distinct types of space: commercial space and retail space. Office space is typically referred to as "commercial space." While "retail space" largely depends on foot traffic, commercial space may not have as many people wandering in and out. Businesses with little foot traffic frequently use commercial space. For instance, a company that sells insurance and conducts business over the phone or by appointment only would require commercial space as opposed to retail space. Commercial Space What typical attributes characterise retail or office space? Workspaces, individual offices for those in higher positions within the company, as well as conference or meeting rooms are likely to be found in commercial space used as office space. Additionally, there might be a desk of some kind up front so that someone can welcome clients and field their inquiries as soon as they walk in. There are other uses for commercial space besides just offices. It is employed in hospitals, call centres, and in some multi-tenant structures like apartment buildings.

3. Retail Space What common attributes do retail spaces have? Businesses that depend on a lot of foot traffic should rent retail space. They are frequently close to another, possibly bigger business known as a "anchor business," such as a grocery store or department store. They are positioned in this way to attract customers away from the "anchor business" to the smaller establishment. Grocery stores and other establishments draw a lot of foot traffic. When someone finishes their grocery shopping, they might notice the smaller store and decide to go check it out. Strip malls or retail parks are common examples of groups of retail spaces. They might also have marquees to add yet another striking element. I Need Help Finding The Right Space How do you find the best space for your business? With Office Solutions, you can navigate the real estate market and find the perfect space for your business! Visit our website or call us at (+65) 9769 7639.