Ever wanted to buy your own condominium but can’t figure out what will work best for you? What if you wanna put up your own business? How many kinds of properties are there and how do you know which one is which? Well, to answer a few of your questions, do read on.
Before answering the question above, let us first define what a Commercial Property refers to. When you say that a certain real estate property is “commercial,” it means that it is used for business activities. Commercial properties usually refers to buildings that are intended to generate profit. These are buildings that are owned or rented intended to house businesses like boutiques, spas or salons, maybe even offices and studios.
Residential properties are houses, condos, or apartments that are leased or bought in an area or structure that is intended only to house a single family or multi family structure. These properties are intended as homes where you actually live in. To be more specific, it’s for non business purposes only.
There are also such things as Residential Condominium Leasing. This is when the owner of a residential condo rents out his or her unit to willing tenant.
Now we move in to answer the question: Can a condominium be classified as commercial property?
To get to the point, the answer is yes. In the Philippines, there are now several types of Condominiums and development available for various occupancy. We have the Residential, the Commercial and the Mixed-Use Condominium types.
What are the commercial types of properties?
Office Condos are considered commercial properties as they are intended for businesses. The most common businesses who rents Office Condos are Law Offices, Ad Agencies, Talent and Modelling Agencies, Accounting Offices and many more! The condominium building is in itself intended for businesses and not as residential units.
Mixed Use Condominiums
This is a very common type of development in the Philippines especially if you’re closer to the business district. A Mixed Use development is when the place is intended to blend residential, commercial, cultural, institutional or entertainment uses as well as larger residential rental properties.
No, you don’t have to build an entire city to have all those functions. It can be a building, a city block or a neighborhood. The goal is to functionally integrate residential and the various commercial spaces together to create a holistic lifestyle.