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Chapter 18

Chapter 18. Commercial and Industrial Development. Types of Commercial Property. Shopping/Retail Centers Office Buildings Hotels/Motels (Hospitality) Restaurants. Types of Industrial Property. Factories Warehouses Distribution Centers. Shopping Center Types.

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Chapter 18

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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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