Welcome to The Fundamentals of

Commercial Real Estate Course

Welcome to The Fundamentals of

Commercial Real Estate Course

A Program Brought to you byA Program Brought to you byThe REALTORS® Commercial Alliance OfThe REALTORS® Commercial Alliance OfThe National Association of REALTORS®The National Association of REALTORS®(and Patrick Duffy (and Patrick Duffy ))

Real Strength.

Real Advantages.

2

About the RCAAbout the RCA

• The RCA collectively represents commercial constituencies within the National Association of REALTORS®.

• Commercial practitioner members of NAR are also members of the REALTORS® Commercial Alliance.

3

TopicsTopics

• The Players

• Differences From Residential

• Types of Commercial Real Estate

• Types of Commercial Transactions

• Commercial Contracts

• Marketing Commercial Real Estate

• Additional Resources

4

Why Am I Doing This?Why Am I Doing This?

Discussion Question 1-1

1. What is your attraction to transitioning into, or exploring commercial real estate as a career?

2. What challenges do you anticipate encountering as you

proceed into commercial real estate?

5

6

The PlayersThe Players

• Brokers• Lenders• Architects, Engineers,

Planners• Accountants• Attorneys• Appraisers• Others

7

The PlayersThe Players

• Brokers– Commercial agents are often referred to as

“brokers” even if they don’t have a broker’s license.

• Lenders– construction lenders– acquisition lenders– equity lenders– permanent lenders– combination

8

The PlayersThe Players

• Architects, Engineers, Planners– development, redevelopment or the leasing

of property

• Accountants• Attorneys

– Tax matters and law are outside of brokers’ responsibility and therefore should not give any tax or legal advice.

9

The PlayersThe Players

• Appraisers– Similar to residential. Appraisers should be

experienced in the type of commercial real estate being considered.

• Other– Rezoning/land – Historical designation– Traffic/Department of Transportation – Environmental – Business brokerage

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11

Key DifferencesKey Differences

• Brokers’ Roles• Business VS Personal• Use of Experts• Transaction Timeline• Valuation Methods• Reliance on

Demographics/Market Characteristics

• Marketing

12

Key DifferencesKey Differences

• Larger markets – practitioners are specialized

– Property Type– Geography– Side of Transaction– Type of Transaction (Sale, Lease, Investment)

• Smaller markets – practitioners are typically more diverse

– Even in smaller markets, specialization pays off

13

Key DifferencesKey Differences

• Brokers’ Roles– Advisory Capacity

• Highest & Best Use• Market Characteristics• Evaluation of Alternatives• Negotiation Strategies• Financing Alternatives• Market Data Collection & Interpretation

– “Tell me, Don’t sell me”– Representation / Advocacy– Compensation agreements and practices (Typically

for a longer term vs residential)

14

Key DifferencesKey Differences

• Brokers’ Roles– Coordination of Experts– Due DiligenceZoning Financing

Environmental issues Pre – marketing

Traffic, roads, ingress and egress

Costs of development

Utilities Desirability of the project

Public facilities Physical improvements inspection

Easements Property boundaries (survey)

Building plans Some title issues

Soils Ownership structure (LLC, partnership, etc.)

15

Key DifferencesKey Differences

• Business VS Personal– Clients will be less emotional than residential

• Use of Experts• Transaction Timeline

– 30 – 45 days for residential, months – years for commercial

• Valuation Methods– 3 approaches: market, cost and income

16

1. Income Approach

• More for Income Properties

• IRR, Cap Rate, NPV

2. Comparable Sale / Competitive Product (CMA)

• Very Similar to Residential

• Usually Fewer Comps

3. Replacement Cost

• Interesting but not a big factor (normally)

Valuation Methods

17

Key DifferencesKey Differences

• Demographics / Market Characteristics– Availability of Customers, Employees– Qualities of Population – Age, Income, Etc.– Traffic Patterns, Traffic Counts– Access– Drive Times to Key Markets

Page 18April 18, 2023

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South ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth Apopka

Altamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte Springs

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Page 19April 18, 2023

STORE LOCATION HUFF GRAVITY MODELSTORE LOCATION HUFF GRAVITY MODELWITH 5 MILE RINGSWITH 5 MILE RINGS

O R A N G E C O .O R A N G E C O .O R A N G E C O .O R A N G E C O .O R A N G E C O .O R A N G E C O .O R A N G E C O .O R A N G E C O .O R A N G E C O .

O S C E O L A C O .O S C E O L A C O .O S C E O L A C O .O S C E O L A C O .O S C E O L A C O .O S C E O L A C O .O S C E O L A C O .O S C E O L A C O .O S C E O L A C O .P O L K C O .P O L K C O .P O L K C O .P O L K C O .P O L K C O .P O L K C O .P O L K C O .P O L K C O .P O L K C O .

S E M I N O L E C O .S E M I N O L E C O .S E M I N O L E C O .S E M I N O L E C O .S E M I N O L E C O .S E M I N O L E C O .S E M I N O L E C O .S E M I N O L E C O .S E M I N O L E C O .

Sylvan ShoresSylvan ShoresSylvan ShoresSylvan ShoresSylvan ShoresSylvan ShoresSylvan ShoresSylvan ShoresSylvan Shores

AstatulaAstatulaAstatulaAstatulaAstatulaAstatulaAstatulaAstatulaAstatula

Bassville ParkBassville ParkBassville ParkBassville ParkBassville ParkBassville ParkBassville ParkBassville ParkBassville Park

ClermontClermontClermontClermontClermontClermontClermontClermontClermont

EustisEustisEustisEustisEustisEustisEustisEustisEustis

Howey-in-the-HillsHowey-in-the-HillsHowey-in-the-HillsHowey-in-the-HillsHowey-in-the-HillsHowey-in-the-HillsHowey-in-the-HillsHowey-in-the-HillsHowey-in-the-Hills

Mid Florida LakesMid Florida LakesMid Florida LakesMid Florida LakesMid Florida LakesMid Florida LakesMid Florida LakesMid Florida LakesMid Florida Lakes

MinneolaMinneolaMinneolaMinneolaMinneolaMinneolaMinneolaMinneolaMinneola

MontverdeMontverdeMontverdeMontverdeMontverdeMontverdeMontverdeMontverdeMontverde

Mount DoraMount DoraMount DoraMount DoraMount DoraMount DoraMount DoraMount DoraMount DoraMount PlymouthMount PlymouthMount PlymouthMount PlymouthMount PlymouthMount PlymouthMount PlymouthMount PlymouthMount PlymouthOakland ParkOakland ParkOakland ParkOakland ParkOakland ParkOakland ParkOakland ParkOakland ParkOakland Park

Silver LakeSilver LakeSilver LakeSilver LakeSilver LakeSilver LakeSilver LakeSilver LakeSilver Lake

TavaresTavaresTavaresTavaresTavaresTavaresTavaresTavaresTavares

YalahaYalahaYalahaYalahaYalahaYalahaYalahaYalahaYalaha

ApopkaApopkaApopkaApopkaApopkaApopkaApopkaApopkaApopka

Azalea ParkAzalea ParkAzalea ParkAzalea ParkAzalea ParkAzalea ParkAzalea ParkAzalea ParkAzalea Park

Bay HillBay HillBay HillBay HillBay HillBay HillBay HillBay HillBay Hill

Bay LakeBay LakeBay LakeBay LakeBay LakeBay LakeBay LakeBay LakeBay Lake

Belle IsleBelle IsleBelle IsleBelle IsleBelle IsleBelle IsleBelle IsleBelle IsleBelle Isle

BithloBithloBithloBithloBithloBithloBithloBithloBithlo

ConwayConwayConwayConwayConwayConwayConwayConwayConway

Doctor PhillipsDoctor PhillipsDoctor PhillipsDoctor PhillipsDoctor PhillipsDoctor PhillipsDoctor PhillipsDoctor PhillipsDoctor Phillips

EatonvilleEatonvilleEatonvilleEatonvilleEatonvilleEatonvilleEatonvilleEatonvilleEatonville

EdgewoodEdgewoodEdgewoodEdgewoodEdgewoodEdgewoodEdgewoodEdgewoodEdgewood

Fairview ShoresFairview ShoresFairview ShoresFairview ShoresFairview ShoresFairview ShoresFairview ShoresFairview ShoresFairview Shores

Holden HeightsHolden HeightsHolden HeightsHolden HeightsHolden HeightsHolden HeightsHolden HeightsHolden HeightsHolden Heights

Lake Buena VistaLake Buena VistaLake Buena VistaLake Buena VistaLake Buena VistaLake Buena VistaLake Buena VistaLake Buena VistaLake Buena Vista

LockhartLockhartLockhartLockhartLockhartLockhartLockhartLockhartLockhart MaitlandMaitlandMaitlandMaitlandMaitlandMaitlandMaitlandMaitlandMaitland

Meadow WoodMeadow WoodMeadow WoodMeadow WoodMeadow WoodMeadow WoodMeadow WoodMeadow WoodMeadow Wood

Oak RidgeOak RidgeOak RidgeOak RidgeOak RidgeOak RidgeOak RidgeOak RidgeOak Ridge

OaklandOaklandOaklandOaklandOaklandOaklandOaklandOaklandOakland

OcoeeOcoeeOcoeeOcoeeOcoeeOcoeeOcoeeOcoeeOcoee

OrlandoOrlandoOrlandoOrlandoOrlandoOrlandoOrlandoOrlandoOrlando

OrlovistaOrlovistaOrlovistaOrlovistaOrlovistaOrlovistaOrlovistaOrlovistaOrlovista

Pine CastlePine CastlePine CastlePine CastlePine CastlePine CastlePine CastlePine CastlePine Castle

Pine HillsPine HillsPine HillsPine HillsPine HillsPine HillsPine HillsPine HillsPine Hills

Sky LakeSky LakeSky LakeSky LakeSky LakeSky LakeSky LakeSky LakeSky Lake

South ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth ApopkaSouth Apopka

Tangelo ParkTangelo ParkTangelo ParkTangelo ParkTangelo ParkTangelo ParkTangelo ParkTangelo ParkTangelo Park

Union ParkUnion ParkUnion ParkUnion ParkUnion ParkUnion ParkUnion ParkUnion ParkUnion Park

WilliamsburgWilliamsburgWilliamsburgWilliamsburgWilliamsburgWilliamsburgWilliamsburgWilliamsburgWilliamsburg

WindermereWindermereWindermereWindermereWindermereWindermereWindermereWindermereWindermere

Winter GardenWinter GardenWinter GardenWinter GardenWinter GardenWinter GardenWinter GardenWinter GardenWinter Garden

Winter ParkWinter ParkWinter ParkWinter ParkWinter ParkWinter ParkWinter ParkWinter ParkWinter Park

Buena Ventura LakesBuena Ventura LakesBuena Ventura LakesBuena Ventura LakesBuena Ventura LakesBuena Ventura LakesBuena Ventura LakesBuena Ventura LakesBuena Ventura Lakes

KissimmeeKissimmeeKissimmeeKissimmeeKissimmeeKissimmeeKissimmeeKissimmeeKissimmee

Altamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte SpringsAltamonte Springs CasselberryCasselberryCasselberryCasselberryCasselberryCasselberryCasselberryCasselberryCasselberry

ChuluotaChuluotaChuluotaChuluotaChuluotaChuluotaChuluotaChuluotaChuluota

Fern ParkFern ParkFern ParkFern ParkFern ParkFern ParkFern ParkFern ParkFern Park

Forest CityForest CityForest CityForest CityForest CityForest CityForest CityForest CityForest City

GoldenrodGoldenrodGoldenrodGoldenrodGoldenrodGoldenrodGoldenrodGoldenrodGoldenrod

Lake MaryLake MaryLake MaryLake MaryLake MaryLake MaryLake MaryLake MaryLake Mary

LongwoodLongwoodLongwoodLongwoodLongwoodLongwoodLongwoodLongwoodLongwood

OviedoOviedoOviedoOviedoOviedoOviedoOviedoOviedoOviedo

SanfordSanfordSanfordSanfordSanfordSanfordSanfordSanfordSanford

Wekiva SpringsWekiva SpringsWekiva SpringsWekiva SpringsWekiva SpringsWekiva SpringsWekiva SpringsWekiva SpringsWekiva Springs

Winter SpringsWinter SpringsWinter SpringsWinter SpringsWinter SpringsWinter SpringsWinter SpringsWinter SpringsWinter Springs429 & 441429 & 441429 & 441429 & 441429 & 441429 & 441429 & 441429 & 441429 & 441

429 & 438429 & 438429 & 438429 & 438429 & 438429 & 438429 & 438429 & 438429 & 438

429 & FL Turnpike429 & FL Turnpike429 & FL Turnpike429 & FL Turnpike429 & FL Turnpike429 & FL Turnpike429 & FL Turnpike429 & FL Turnpike429 & FL Turnpike429 & 50429 & 50429 & 50429 & 50429 & 50429 & 50429 & 50429 & 50429 & 50

429 & West Rd.429 & West Rd.429 & West Rd.429 & West Rd.429 & West Rd.429 & West Rd.429 & West Rd.429 & West Rd.429 & West Rd.

429 & Seidel Rd.429 & Seidel Rd.429 & Seidel Rd.429 & Seidel Rd.429 & Seidel Rd.429 & Seidel Rd.429 & Seidel Rd.429 & Seidel Rd.429 & Seidel Rd.

429 & 535429 & 535429 & 535429 & 535429 & 535429 & 535429 & 535429 & 535429 & 535

429 & 545429 & 545429 & 545429 & 545429 & 545429 & 545429 & 545429 & 545429 & 545

429 & 192429 & 192429 & 192429 & 192429 & 192429 & 192429 & 192429 & 192429 & 192

429 & Hartzog Rd.429 & Hartzog Rd.429 & Hartzog Rd.429 & Hartzog Rd.429 & Hartzog Rd.429 & Hartzog Rd.429 & Hartzog Rd.429 & Hartzog Rd.429 & Hartzog Rd.

FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.FL Turnpike & Hancock Rd.

Goldenrod & Bee LineGoldenrod & Bee LineGoldenrod & Bee LineGoldenrod & Bee LineGoldenrod & Bee LineGoldenrod & Bee LineGoldenrod & Bee LineGoldenrod & Bee LineGoldenrod & Bee Line

Goldenrod Connector & 417Goldenrod Connector & 417Goldenrod Connector & 417Goldenrod Connector & 417Goldenrod Connector & 417Goldenrod Connector & 417Goldenrod Connector & 417Goldenrod Connector & 417Goldenrod Connector & 417

417 & 46A417 & 46A417 & 46A417 & 46A417 & 46A417 & 46A417 & 46A417 & 46A417 & 46A

417 & Rinehart Rd.417 & Rinehart Rd.417 & Rinehart Rd.417 & Rinehart Rd.417 & Rinehart Rd.417 & Rinehart Rd.417 & Rinehart Rd.417 & Rinehart Rd.417 & Rinehart Rd.417 & I-4417 & I-4417 & I-4417 & I-4417 & I-4417 & I-4417 & I-4417 & I-4417 & I-4

UnnamedUnnamedUnnamedUnnamedUnnamedUnnamedUnnamedUnnamedUnnamed

Old CR 50Old CR 50Old CR 50Old CR 50Old CR 50Old CR 50Old CR 50Old CR 50Old CR 50

Lee Vista Rd. Ext.Lee Vista Rd. Ext.Lee Vista Rd. Ext.Lee Vista Rd. Ext.Lee Vista Rd. Ext.Lee Vista Rd. Ext.Lee Vista Rd. Ext.Lee Vista Rd. Ext.Lee Vista Rd. Ext.

UnnamedUnnamedUnnamedUnnamedUnnamedUnnamedUnnamedUnnamedUnnamed

McCulloch Rd. Ext.McCulloch Rd. Ext.McCulloch Rd. Ext.McCulloch Rd. Ext.McCulloch Rd. Ext.McCulloch Rd. Ext.McCulloch Rd. Ext.McCulloch Rd. Ext.McCulloch Rd. Ext.Hia

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4

This map shows the results of a Huff Gravity Model run for these store locations. Areas with high store patronage probability are shown in red, while those areas with low store patronage probability are shown in blue. The model uses a combination of store attractiveness and distance decay to calculate the patronage probability. In this case, attractiveness was weighted equally among all locations.

This map should be used in conjunction with density/growth maps and demographic maps to determine market voids.

20

Key DifferencesKey Differences

• Marketing– More targeted– Specialized Brokers Get Priority– MLS (not as common), CIE - Commercial Information Exchange– Internet Search Engines (Loopnet)– Flyers / Property Summaries – Hard Copy & Electronic– Packages (Offering Memorandum) – Detailed, no surprises– Confidentiality Agreements– Limited Display Advertising

21

22

Converted Homes or Cottage StyleConverted Homes or Cottage Style

• typically in transitional areas and suitable for small businesses.

23

Low Rise Suburban OfficeLow Rise Suburban Office

• one to three stories high, found in suburban and some urban areas

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Single Story Suburban Office ParkSingle Story Suburban Office Park

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How would you rate this jewel?

REALTOR® Building in CharlotteREALTOR® Building in Charlotte

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Mid & High Rise Office in CBDMid & High Rise Office in CBD

• Mid rise: three to ten stories high, found in suburban and urban areas. In some markets, this might be considered a high rise.

• High rise: Over 10 stories and typically found in central business districts (CBDs) and employment centers.

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Specialty Office - Build to SuitSpecialty Office - Build to Suit

• includes live/work units, space in historical buildings, government buildings, institutional facilities.

28

Key Factors for Office UsersKey Factors for Office Users

• Location of labor pool• Location of owner/CEO• Transportation (bus, rail)• Location of

customers/clients• Visibility• Parking• Amenities nearby

(restaurants, retail, daycare)

• Image• Price• Space configuration• Incentives – local, state,

national• Convenience to other

businesses• Allowed uses on the

property (zoning and covenants)

• Buy versus lease

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Industrial

• Industrial real estate implies an industrial use, such as manufacturing or warehousing.

30

Business Center/Flex/Office ShowroomBusiness Center/Flex/Office Showroom

• a combination of office and industrial

31

Warehouse

• this could be bonded facilities, climate controlled, single user or multiple users

32

Manufacturing

• Type of manufacturing

• Location– Some areas are designated “Foreign Trade Zones”

where goods may be imported and the tariff paid once they are assembled.

– Some cities and counties differentiate between light manufacturing and heavy manufacturing.

33

Key Factors for Industrial UsersKey Factors for Industrial Users

• Location of labor pool for manufacturing facilities

• Transportation – access to major highways, rail, ports and airports

• Location – proximity to end users/customers

• Price

• Space configuration

• Ceiling heights – clear

• Utilities

• Floor loads

• Sprinkler systems

• Docking areas

• Incentives – local, state, national

• Allowed uses on the property (zoning and covenants)

• Buy versus lease

34

Freestanding Retail

• used by destination – oriented retailers.

– Credit tenants: Lender looks at the tenant's credit strength as security for the loan.

– Big boxes: Large tenants (25k sf). Concern is the facility will not be flexible for other tenants in the event the tenant vacates.

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Problem Retail

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Small, unanchored strip shopping center

• “Mom & Pop shops

• Typically cannot be credit tenants due to the size.

37

Neighborhood Shopping Center

• Grocery, Cleaners, Drug store on out-parcel

• The trade area is typically 1 – 3 miles

38

Community Shopping Center

• 200k – 400k sf

• Trade area is typically 10 miles

39

Power Center

40Department Stores, Regional & National Chains, Food Court

Super Regional Mall

41

Specialty Retail

42

Land Issues

• Is it zoned for the intended use?

• Are utilities availability?• Is there accessibility?• Are the soils suitable?• Is the land “developable”

because of soils, environmental issues, local issues, archaeological issues?

• Are needed amenities nearby?

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• Sale Transactions

• Lease Transactions

• Sale/Lease-Back Transactions

• Land-Lease Transactions

Types of TransactionsTypes of Transactions

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• Note: Any examples of commission structure or other compensation are for the purpose of explanation of concepts. These are not to be used as suggestions for compensation. Practitioners should refer to their office policy when structuring any commission or compensation structure.

• Students are strongly encouraged to avoid any discussions that may be perceived as suggesting a commission rate as this is in violation of Anti-Trust.

Types of TransactionsTypes of Transactions

46

CompensationCompensation

• Leasing fees may be negotiated in a variety of ways:

– An amount per square foot – Value of the lease – Value of the lease capped– Combination of the above

• Sales fees may be negotiated in a variety of ways also:

– % of Sale Price– Fixed Fee– Variable Fee– Combination of the above

47

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Commercial Contracts – Purchase AgreementCommercial Contracts – Purchase Agreement

• Key Issues– Due Diligence– Financing– Timing– Assignment– Environmental– Use

• Oftentimes the most important and overlooked

– Assignment of Leases

49

Commercial Contracts - Lease AgreementsCommercial Contracts - Lease Agreements

• Term & Renewal Terms

• Rent Commencement

• Use

• Upfitting, Tenant Improvements

• Default

• Notices

• Acquisitions & Mergers

• Common Areas

• Operating Expenses

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Commercial Contracts - Lease AgreementsCommercial Contracts - Lease Agreements

• Rent Calculations– Net VS Gross Lease

• Land leases

• Deed Restrictions

• Assignment, Subletting

• Insurance

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52

MarketingMarketing

1. Market Analysis– Tracking the competition, identifying new projects,

comparing the locations and analyzing the site issues

2. Create the Marketing Plan– Targets

– Strategies

– Showing Routes/Timing

– Property Enhancement / Point of Sale Materials

– Timing

– Budget

3. Create the Marketing Package– Information necessary

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MarketingMarketing

4. Implement the Marketing Plan– Do what you promised

– Track activities and results

5. Feedback Results to Owner– Written Reports

– Phone and Face to Face Conversations

– Educate Your Client as Your Learn

6. Adjust Marketing– If the market tells you that you are wrong – CHANGE

SOMETHING!

7. Contract/Due Diligence– Work with a “deal maker” attorney

– Manage the DD process – it ain’t done til it’s closed

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Calculating CAP Rates

1. What is a CAP Rate?

Ratio of Net Operating Income to Price

NOI Purchase Price = CAP RATE

NOI CAP RATE = Purchase Price

2. What Factors Impact CAP Rates?

3. Is a CAP Rate the Same as “Return”, “Yield”, “Cash on Cash Rate”?

Got Any Brain Cells Left?– Got Any Brain Cells Left?–

55

NOI Sales Price = Cap Rate

1. Sales price = $1,500,000 NOI = $150,000

2. Sales price = $1,500,000 NOI = $100,000

3. Sales price = $1,500,000 NOI = $200,000

Deriving Cap Rates – Deriving Cap Rates –

56

NOI Sales Price = Cap Rate

1. $150,000 $1,500,000 = 10%

2. $100,000 $1,500,000 = 6.7%

3. $200,000 $1,500,000 = 13.3%

Deriving Cap Rates – Deriving Cap Rates –

57

Estimating a Listing PriceEstimating a Listing Price

Gross Possible Income (35,000 x $25)

$875,000

Less Vacancy($875,000 x 15%)

$131,250

Total Income $743,750

Total Operating Expenses (35,000 x $7.25)

$253,750

Tenants’ Share (35,000 x $.25)

$8,750

Net Operating Income ($743,750 - 253,750 + 8750)

$498,750

Value = $498,750 12% = $4,156,250

58

Differences Similarities Pricing Agency Duties

Commission Documentation

Referrals Land Use Issues

Knowledge Can make big $

Business VS Personal Can lose big $

Financing

Contract

Players

Summary: Comparing Residential to Summary: Comparing Residential to CommercialCommercial

59

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ResourcesResources

• RCA– www.realtor.org/rca

• CCIM– www.ccim.com

• CRE– www.cre.org

• IREM– www.irem.org

• RLI– www.rliland.com

• SIOR– www.sior.com

• Non-REALTOR Resources– ICSC, BOMA, ULI, CORENET

61

Class ExerciseClass Exercise

These companies are looking for office space. What would be most important to them? Name 10 things.

1. An insurance office with 5 employees

2. An international headquarters

3. A doctor’s office

4. A call center

5. A manufacturing plant

Thank you for participating in The Fundamentals of Commercial Real Estate

Course

Thank you for participating in The Fundamentals of Commercial Real Estate

Course

A Program Brought to you byA Program Brought to you byThe REALTORS® Commercial Alliance OfThe REALTORS® Commercial Alliance OfThe National Association of REALTORS®The National Association of REALTORS®

Real Strength.

Real Advantages.