June 28, 2023
Commercial real estate, CRE, refers to properties used for business purposes – as evident by “commercial” in its name. It is not to be conflated with residential real estate, but there is some spillover with residential living as it concerns multifamily housing. The term “commercial real estate” encompasses many categories beyond multifamily housing, however, including retail properties, office buildings, industrial properties, hospitality (often restaurants and hotels) properties, healthcare and medical facilities and many more.
Commercial real estate investing, commercial real estate marketing and, most applicable to us, commercial real estate software are a few of the many categories that fall under the commercial real estate umbrella. Commercial real estate is a significant sector of the real estate industry with an estimate of $20.7 trillion in total dollar value back in 2021. Therefore, it’s not a sector to be ignored in the larger economic picture nor capital/asset management and investment picture.
Grounding to its fundamental purpose, commercial real estate is driven by businesses’ needs for space to operate and generate income. Being an umbrella industry term, commercial real estate summarizes many of the aspects of Quarem’s CRE software and services, but the term alone can indeliberately oversimplify this.
In these posts on commercial real estate, we aim to educate and entertain with CRE-industry information as well as tap into our more nuanced topics specific to our commercial real estate software offerings including lease amortization, lease abstracting, CAM audits and more.