AN INVESTIGATION INTO THE IMPACT OF SETTING MINIMUM LETTABLE AREA FOR OFFICE SPACE ON COMMERCIAL REAL ESTATE MARKET IN NAIROBI

Real Estate can be defined as land and the buildings on it along with it’s natural resources. Real estate can also be defined as rights and interest in ownership of real property . It is grouped into three broad categories namely:

Category

Examples

Retail

medical centers, hotels, malls, retail stores, shopping centers, public houses

Office

office buildings

Industrial

industrial property, office/warehouses, garages, distribution centers

Commercial Real estate also known as investment or income property refers to buildings or land intended to land generate a profit or income. Examples of real estate include: malls, office parks, restaurants, gas stations, convenience stores and office towers. In some instances, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.

Commercial property is real estate property that is designed for use in specific types of business situations. Unlike industrial property, which would include manufacturing plants, commercial property encompasses such business properties as office space, shopping centers, hotels, and service stations. The key indicator of a commercial property is that it is involved with the moneymaking efforts of a business, but does not engage in the actual production of goods

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