Commercial real estate is property that is used exclusively for business or commercial purposes such as office space; retail stores; warehouses; industrial space (buildings and manufacturing plants); hospitals; hotels and resorts; restaurants; shopping malls; and strip malls. Multifamily rental properties such as apartment complexes are also classified as commercial real estate.
Most commercial real estate is leased to tenants engaged in business or commercial activities. Commercial real estate is often an investment asset for real estate investment trusts (REITs) and large other investors.
In Ohio, commercial real estate encompasses properties used for business or commercial activities, including office spaces, retail stores, warehouses, industrial buildings, hospitals, hotels, restaurants, shopping centers, and multifamily rental properties like apartment complexes. These properties are typically leased to tenants for business purposes. Ohio's commercial real estate transactions are governed by state statutes and regulations that address aspects such as zoning, land use, environmental compliance, and building codes. Additionally, commercial leases in Ohio are subject to contract law principles and can be complex, often requiring the review and negotiation by an attorney to ensure that the terms meet the specific needs of the investor or business. Commercial real estate can also be a significant investment asset, commonly held by REITs and other large investors. It's important for parties involved in commercial real estate transactions to understand the legal implications, including tax considerations and compliance with the Americans with Disabilities Act (ADA) for public accommodations.