RealEstateMarkets-UniversityofTexasatSanAntonio.docVIP

Real Estate Markets Markets are the means by which buyers and sellers trade goods and services. The real estate market can be broken down into space markets and asset markets. Space Markets – the mechanism for trading the rights to use land and buildings Demand for space is created by those who are willing to pay for the use of space Supply for space is provided by those willing to sell the rights that they own to the users Space markets can be categorized by type of use: Office Space Class A – Superior quality and location that command the highest rents Class B – Highly desirable, but lacking attributes that would otherwise command top dollar Class C – Buildings with few amenities but are in good condition and are modestly priced Class D – Buildings with few amenities in poor locations and generally poor condition Retail Space Freestanding retail – single tenant buildings Neighborhood center – serve a relatively small population within a 1? mile radius often anchored by a supermarket with other stores providing convenience goods and personal services, such as strip centers (Oak Park Village on N. New Branfels) Community center – serves a larger trade area within a 3-5 mile radius with a wider variety of stores often anchored by a department store (De Zavala/I-10 area or the Colonnade at Wurzbach/I-10) Regional center – serves an area within a 7-12 mile radius often in the form of enclosed malls and anchored by two or more department stores (North Star, Windsor malls) Superregional center – serves areas of up to 50 miles in radius with a tremendous range of products and services (San Marcos outlet) Industrial Space Warehouse and distribution Manufacturing and production Materials processing Agricultural Space Annual and perennial cropland Livestock facilities and grazing Lodging Space Highway motels – Motel 6 Convention/business hotels (have convention space) – Marriott Luxury hotels – La Mansion on the Riverwalk Extended stay hotels/motels (apartme