This is a Definitions Guide for Commercial Property and Serviced Offices to allow you to understand specific terminology in the Commercial Property and Serviced Office Space industry.
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The name "blue chip" derives from a game of poker; primarily because the blue chips contain the highest value. A blue chip is a broadly perceived, settled and monetarily stable organization. Blue chips by and large offer high calibre, broadly acknowledged items and administrations. Blue chip organizations are known to climate downturns and work productively notwithstanding antagonistic monetary conditions, which adds to their long record of steady growth and solid development.
A Business Centre provides office space, office facilities and services. i.e. desks areas, computers and printers, photocopiers and fax machines for long term and short term business use. You can access the internet, scan and print documents etc. Each centres facilities vary from centre to centre. Some of the major Business Centre providers have buildings located around the globe. So you can use their facilities whilst you jet set your business.
Commercial Property is property in the Real Estate market that is primarily utilised for business activities. Commercial properties fall into numerous classes and incorporate including modern properties, shopping malls, farm yard land, office workplaces, or even empty land.
The term commercial property (also called commercial real estate, investment or income property) is property that is used solely for business purposes. Examples of commercial real estate include shopping centres, business / office parks, restaurants, gas stations, convenience stores and large office buildings or glass towers. Commercial real estate is one of the three primary types of real estate; the other two are known as residential and industrial real estate. (See Commercial Real Estate Broker)
A commercial property agreement is simply a lease and a legally binding contract agreed between a landlord and a business tenant (the lessor and the lessee, see lease for more info). The lease gives the tenant the right to use the property for a period of agreed time for a business or commercial activity to take place, in exchange for remittance which is paid to the landlord.
A real estate broker specialising in the listing, marketing and sales of Commercial Property. Commercial property brokers deal professionally with the selling of businesses, apartments, office buildings, and industrial buildings.
A Commercial Real Estate Broker or Commercial Real Estate salesperson (often called Real Estate Agents or Independent Commercial Agents) are people who are licensed to negotiate and arrange real estate transactions and also acting as an intermediary between sellers and buyers of Commercial Real Estate/Real property. As well as purchasing land or homes a land; the duties of a commercial real estate broker include writing contracts for commercial properties, as well. A Commercial Broker holds a higher level license than a real estate agent and would be authorised to hire real estate agents to work under that broker's supervision.
An English law term meaning a destructive event linked with a building, car etc. Dilapidation of a building came from the Latin term for 'scattering the stones' (lapides (la)). It means allow the state of a building to fall into disrepair or a state of decay by misuse or neglect.
Fit Out Agencies are companies that provide the necessary refurbishment and equipment for a house or apartment or office space locations, especially the final decoration and furniture.
The definition of Freehold property is any estate which is "free from hold" of any entity besides the owner. The owner of such an estate then enjoys free ownership for perpetuity. However, the land can be used for any purpose in accordance with the local regulations. Due to the lack of requirements from the state, a freehold property does not require consent to be sold; hence, requiring less paperwork. This makes it a more expensive investment than leasehold property.
Industrial Units are a type of commercial property. This category ranges from smaller properties, which are often called "Flex" or "R&D" properties, to larger office service or office warehouse properties; scaling up to very large "big box" industrial properties. One of the most important, defining characteristic of industrial space is Clear Height.
A Communications Service Provider known as a CSP is a service provider that transports information electronically, for example a telecommunications service provider. The term encompasses public and private companies in the telecommunications (landline and wireless), Internet, cable, satellite, and managed services businesses.
An office park is also known as a business park. This is an area of land on which many office buildings are located together in a group. All of the work that goes on is commercial based only; this does not include any industrial or residential activities.
A Private Landlord is someone that owns property and wants to lease, rent or sell if privately. The property is usually rented out so they can make money. A private landlord can be: A company that owns lots of properties.
A Property Management Company are a body of people that typically involves management and operations control of a property that is owned by third party or entity. Management of a property indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much similar to the role of management in business.
The definition of Real Estate is property consisting of land or buildings.The land can also contain natural resources such as farmed crops, flora and fauna, and livestock, minerals and water. Real estate is grouped into three broader categories depending upon it's use: Residential, Commercial and Industrial. Examples of residential real estate include undeveloped land, houses, condominiums and townhomes; examples of commercial real esate are office buildings, warehouses and retail units / outlets or storage buildings. Finally, examples of industrial real estate are factories, mines and farms.
A Retail Unit or Retail Outlet is a company's premises. This includes the land and buildings where business is conducted. A store selling smaller quantities of products or services to the general public. i.e. A business operating as a retail outlet typically buy goods direct from manufacturers or wholesalers at a bulk volume discount. They will then mark the goods up in price for sale to end consumers.
A serviced office can be defined as an office or office building that has been fully equipped and managed by a facilities management company. Once the offices amenities are in place, they then rent individual offices or floors to other companies or new start-up companies. Serviced offices, are also referred to as business centers, managed offices, executive suites or executive centers, are often found in the financial and business districts of large cities around the world.
A serviced office broker is someone that will help Business Centre owners and facility management companies to find suitable clients to rent serviced office space too. (See Commercial Property Agents)
A startup company (startup or start-up) is a business, company or entrepreneurial venture that is in the first stage of its operations. This is typically a new emerging, fast-growing business. It's aims are tomeet a marketplace need by developing or offering an innovative product, process or service.