Commercial real estate knowledge

Commercial real estate knowledge

1. Commercial real estate

Commercial real estate includes shopping malls, hypermarkets, commercial streets, shopping malls, theme shopping malls, professional markets, wholesale Markets, discount stores, factory outlets, entertainment commercial properties, ground-floor shops in residential and office buildings, and other real estate products that are very different from residential properties. In real life, the three types of businesses we are most exposed to are community commerce, hypermarkets, and the emerging shopping mall.

2. Business district

Business district is a term used in retailing and is also used in commercial property development today. It means a business circle or business potential circle, and refers to a certain area within a certain period of time. A customer group with shopping or consumption frequency, with the farthest distance as the radius, demarcating a series of circular or square areas. In short, it is the distribution of customers who prefer to go to a certain store or commercial gathering center for consumption. Regional scope. Business circles are generally divided into core business circles (closest to the place of consumption and absorbing 50-80% of the total customers), secondary business circles (absorbing 15-25% of customers), and peripheral or radiating business circles (absorbing 15-25% of the total customers). range of 5-25% of customers).

The business district refers to the area where the store is centered on its location and extends along a certain direction and distance. Those customers who prefer to come to the store for consumption are distributed. In other words, it is the store. The geographic range of the customer.

3. What is CBD

The full name of CBD is Central Business District. There are three translations in my country: central business district, central business district or central business district. Its concept first emerged in the United States in 1923, when it was defined as a "business gathering place." Subsequently, the content of CBD continued to develop and enrich, becoming the economic development center of a city, a region and even a country. Generally speaking, CBD should have the following elements and characteristics: it is the functional core of the city, where the city’s economy, technology, culture, and commerce are highly concentrated; it has convenient transportation, with huge flows of people, vehicles, and logistics; it has the highest population density during the day, and has the highest density during the day and night. The population changes the most; it is located in the golden area of ??the city, with the highest land prices; it has many high-rise buildings and the highest land utilization rate.

4. Shopping mall

The World Council of Shopping Centers defines a shopping mall as: “Retail and other commercial facilities designed, developed, owned and managed as an independent property. Combination. "Including regional shopping malls, medium-sized shopping malls, retail parks, professional shopping centers and other forms.

The commonly referred to as Shopping Mall, transliterated as "Moore" or "Shangpinmao", means a large shopping mall, which is a new type of composite commercial format. Moore (shopping mall) specifically refers to a large-scale super commercial center that integrates shopping, leisure, entertainment, and catering, including department stores, hypermarkets, and many professional chain retail stores.

Strictly speaking, anything less than 100,000 square meters is called a shopping mall; anything larger than this number and with a high degree of business complexity can be called a MALL; and anything larger than 200,000 square meters can be called a shopping mall. SUPER MALL.

5. Hypermarket

Generally speaking, the definition of a hyper-market is: a store area of ??at least 2,500 square meters, selling a wide variety of food and non-food products. Edible products. Hypermarkets are medium-sized supermarkets that mainly sell fresh food and daily necessities, supplemented by department stores. In terms of product comprehensiveness, it is inferior to large comprehensive department stores, and in terms of price, it is inferior to warehouse-style supermarkets. However, fresh food and daily necessities are the most individual and distinctive products in supermarkets.

6. Commercial Street

Commercial streets can be divided into three types: urban commercial streets, theme commercial streets and characteristic streets.

Urban commercial streets - such as Wangfujing Pedestrian Street in Beijing, Nanjing Street in Shanghai, etc. The first consideration for an urban commercial street is its function and positioning in the city.

Theme commercial streets - such as Beijing's Sanlitun Bar Street, Shilihe Building Materials Street, etc., are mainly expressed in the collection of similar business types, mostly distributed on both sides of the road, and the business types of the same business type are very rich.

Special small streets - such as the ground floor shops of some communities and office buildings. Because their operations are more distinctive, they not only meet the consumer needs of the community, but also radiate to the surrounding areas within a certain range. Over time, , the neighborhood atmosphere will naturally form.

7. Theme shopping mall

In fact, there is no final conclusion in the industry as to what a theme shopping mall is. Professor Ren Meng Linming of the School of Management of Xiamen University believes that theoretically, there is no clear concept of theme shopping malls; but theme shopping malls should have at least three basic elements. First, commodity trading occurs; second, a collection of one type of main commodity, and other categories. Secondly, it can provide consumers with a wide range of choices; thirdly, unlike specialty stores, shopping malls must be composed of products with similar themes, different features, different services, and different brands. At the same time, some experts believe that the biggest difference between theme shopping malls and traditional department stores lies in their professional management. The products in the entire mall only highlight one theme. Theme shopping malls are a brand new concept that not only provide consumers with goods, but also strive to create a good shopping atmosphere. In terms of business philosophy, it changes the previous all-sales model and reflects a unique theme.

8. "Sales control"

Sales control means that the real estate developer retains the housing stock. Generally, there will be a certain proportion of the project, and it will be retained until the project is completed before selling. Some real estate developers claim to have sold out all the sales-controlled properties in their properties, and then quietly enter the market at a low price at the end of the year, and the price is lower than the market price. Those who are quick will get it. Among the products of a real estate, due to differences in location, unit type and other factors, there are naturally good and bad grades. The common situation of "sales control" is to give priority to products with poor unit type or location and other conditions, and to control the good ones. Products with good locations and good apartment sizes are reserved for sale when prices may reach a higher level. This avoids the risk that these units cannot be sold, and also helps good products sell for higher prices in the later period.

9. Vacancy rate

The international vacancy rate refers to the number of unsold houses on the market (including the two parts that cannot be sold by development companies and owners), and is related to the overall number of unsold houses. The ratio of the number of housing stock in society. The vacancy rate calculation method we currently use is the ratio of the number of commercial properties that developers have not sold to the number of commercial properties completed in the previous three years. Commercial real estate includes explicit vacancy rate and implicit vacancy rate. The so-called explicit vacancy rate means that the shops have not been rented or sold since the developer step; the implicit vacancy rate means that the shops have been rented and sold from the developers, but the commercial operation value of the commercial real estate has not been realized subsequently, including the last resort. Conversion to residential or commercial office use.

10. Depth

In architecture, depth refers to the actual length of an independent house or a residential building from the front wall to the back wall. Common sense says that the wider the store facade, the better. However, this does not negate the importance of store depth. Depth refers to the business depth of the store perpendicular to the store facade. Generally speaking, for a shop with the same depth, the wider the facade, the higher the commercial value. However, if the depth does not meet the minimum requirements for store operation, no matter how wide the facade is, the economic effectiveness of the store will not be exerted. Under normal circumstances, the depth of a store must not be less than the width of a bay of 4 meters, nor deeper than 20 meters. Otherwise, the operation of the store will be affected.

11. Floor height

Story height refers to the height of a residence measured in "floors". The height of each floor is required by the state in design. This height is called floor height. . It usually includes the distance from the lower floor surface or floor surface to the upper floor floor surface.

12. Property-right shops

Property-right shops are a brand-new investment concept, appearing in the model of "cash return + independent property rights + service gifts". Property-right shops are a new investment products. The characteristics of property-right shops are decentralized property rights, unified management, unified investment and unified leasing, and they are even chartered for investors and homebuyers. Of course, those who invest in buying shops are also allowed to rent them out themselves, but the business projects do not differ too far from the overall layout of the shopping mall. Investors can obtain rental returns from operators, and operators operate with a unified image, greatly improving their ability to resist risks, achieving a win-win situation for both owners and developers.

13. Investment promotion

Investment promotion is actually to attract investment. Investment promotion is a widely used method of economic communication under the current trend of increasing economic integration, which requires cross-disciplinary and cross-professional professional knowledge. Investment planning is an activity that uses the knowledge and wisdom of investment personnel to plan a series of activities to attract external capital projects to settle.

14. Rent-back and selling shops

Rent-back and selling shops is just a marketing technique for real estate. It was introduced from Hong Kong in the mid-1990s and emerged in Guangzhou and Shenzhen. and other developed coastal cities, and then spread throughout the country.

Its essence is to sell first and then rent, while giving a fixed proportion of rental returns. In order to lower the investment threshold, property rights are often divided into extremely small pieces. At that time, many speculators frantically speculated on off-the-plan properties, and many real estate developers fled with their money before the projects were completed, resulting in many unfinished buildings across the country. Therefore, this marketing method was banned by the Ministry of Construction shortly after its introduction.

15. Virtual property-style shops

In the shop sales market, we often see some very attractive advertisements for leaseback sales and investment return comparisons, such as "10-year leaseback" , "Return on investment as high as 15%", etc. These advertisements often achieve good results in actual sales applications. This sales model, which relies on large merchants to lease shopping malls and developers to lease them on a long-term basis, is referred to as "virtual property rights shop" sales.

16. After-sales leasing

After-sales leasing refers to the agreement between a real estate development and operation enterprise or a housing ownership unit and the buyer when the commercial housing it invests and builds is sold, that a certain amount of money will be paid after the sale. Within the period of time, the seller will lease it as an agent, and use part of the rent during the lease period to offset part of the sales price in advance, or pay a certain rate of return every year. After-sales leasing generally occurs in the sales process of shops, office buildings, commercial residences (such as serviced apartments, commercial and residential buildings), etc. There are many forms of after-sales leasing, including lease-back returns, sales with leases, profit margins, and guarantees. Dividends, etc., but the biggest similarity is that they all attract buyers by promising a certain percentage of rental returns. Their various specific forms must include the two stages of house sales and leasing, but in the form of investor income, etc. The details are different.

17. Frame-shear structure

Frame-shear wall structure is called frame-shear structure. It is a combination of frame structure and shear wall structure, absorbing the characteristics of each The advantage is that it can not only provide a larger space for building layout, but also has good lateral force resistance performance. The shear walls in the frame-shear structure can be set up alone, or they can be used in elevator shafts, stairwells, pipe wells and other walls. Therefore, this structure has been widely used in various types of housing construction. The deformation of the frame shear structure is shear bending type. As we all know, the deformation of frame structures is shear type, with small relative deformation between upper layers and large relative deformation between lower layers. The deformation of the shear wall structure is curved. The relative deformation between the upper layers is large and the relative deformation between the lower layers is small. For the frame-shear structure, due to the coordinated deformation of the two structures, bending-shear deformation is formed, which reduces the relative displacement ratio between the joints and the vertex displacement ratio, and improves the lateral stiffness of the structure.

18. Shear wall structure

The shear wall structure uses reinforced concrete wall panels to replace the beams and columns in the frame structure. It can bear the internal forces caused by various loads and can Effectively controlling the horizontal force of the structure, this structure that uses reinforced concrete wall panels to withstand vertical and horizontal forces is called a shear wall structure. This kind of structure is widely used in high-rise buildings, so home buyers don’t need to be blinded by its professional terminology.

19. Property management

Property management in a broad sense refers to all services related to real estate development, leasing, sales and after-sales and leasing. In a narrow sense, it refers to the maintenance of buildings and the management and maintenance of related mechanical and electrical equipment and public facilities, security, cleaning, greening, etc. Theoretically, it can be summarized as follows: professional enterprise organizations use modern management methods and advanced maintenance and repair technology to provide professional management of the house, its equipment, infrastructure and surrounding environment for the entire after-sales use process of the property. It provides efficient, high-quality and economical services for housing, living environment, property maintenance and other aspects in an economical way.

(1) The object of property management is a complete property, which refers to a property that has been completed, passed the acceptance inspection, has been put into use or is about to be put into use.

(2) The objects of property management services are people, that is, the owners and users of the property, including co-residents, tenants and other people who actually use the property.

(3) The investment in property management services can improve the use function of the property, extend its service life, improve the property environment, enable it to be used normally, and strive to maintain and increase value.

(4) Property management is an enterprise-oriented, socialized, professional and market-oriented service.

(5) Property management is closely related to community construction. Property management can be combined with the construction of "civilized communities", "safe communities" and "sanitary communities" to create "tidy, civilized, safe and convenient" excellent property areas and achieve the unity of material civilization and spiritual civilization.

20. Node

Node is a term used in planning, which refers to the concentrated focus of observers walking in and out, generally refers to intersections, traffic transitions, crossroads, and architectural forms. Transformation points, etc., which derive their importance from the agglomeration and concentration of certain functions or architectural features. Commercial areas (pedestrian streets) often use leisure plazas, food courts, cinemas, transportation plazas, and famous landmark buildings as nodes.

21. Landmarks

Landmarks and nodes constitute another type of reference point in urban spaces or commercial centers. Observers generally cannot enter the interior and only have external subjective, upward and overlooking vision. Necessity, such as super high-rise residential buildings, bell towers, tower tops, advertising signs, and mountain tops.

22. Location

A comprehensive planning term refers to the place occupied by certain economic, political, and social activities in a certain city (region). spatial location.

23. Segment

Segment is a term commonly used in residential real estate development and marketing. It generally refers to urban areas where residential areas are relatively intensively developed, mostly along traffic arteries, such as the South China Plate and Luoxi Plate. , Guangyuan East Section, Industrial Avenue Section, etc.

24. Design comes before development

To develop commercial real estate, we must first determine the business model, service objects and product positioning, and then carry out architectural planning and design according to the needs of the business format. If the ideas and models of residential development are followed, it will be difficult for commercial real estate to succeed.

25. Scientific and rational management

Profitable properties focus on subsequent operations. Developers must strengthen their business awareness and achieve win-win cooperation with merchants. Business operations have their own rules and must be operated professionally according to the rules. If real estate developers treat commercial real estate as real estate for leasing and selling in pursuit of short-term profits, it violates the laws of commercial real estate development and cannot guarantee long-term operation and sustainable operation of the project. In this regard, it is very important for developers to establish scientific business management concepts and learn to respect the laws of business management.

26. Ground Floor

Ground Floor refers to the first and second floors of residences. It is more difficult to sell general residences, especially the first and second floors of high-rise residences, and their prices are also lower than other floors. By turning to low-end developers, developers can sell at better prices, and at the same time, the commercial supporting facilities of the community can also be solved. In the current market, large-scale communities have a relatively high chance of success because of their large and stable residents, and their investment risks are relatively small. Their underlying businesses are the first to be favored by investors. Typical representatives, such as the ground floor merchants in Tianxia City and Xinyuan Mingjia Community, will have a total area of ??nearly one million square meters and thousands of households to support them in the future. Investors are basically optimistic about the development prospects of the ground floor merchants, and project sales Being driven by this.

27. Macro-control

Macro-control, also known as state intervention, is the government’s overall management of the national economy and is the economic function of a national government, especially the central government. It is the state's overall regulation and control of the social economy in order to promote market development and standardize market operations during economic operations. The process of macro-control is a process in which the state uses regulatory means and mechanisms to optimize the allocation of resources based on a series of laws of the market economy, provide a benign macro environment for microeconomic operations, and enable the market economy to achieve normal operation and balanced development. The main contents of macro-control include: ① The state rationally formulates various economic policies and measures, such as formulating economic and social development strategies and guidelines, formulating industrial policies to control the total balance, planning and adjusting industrial layout; formulating fiscal policies and monetary policies Policies to adjust the proportional relationship between accumulation and consumption, achieve a balance between total social supply and total social demand, control currency issuance, and curb inflation; establish and improve systems, income distribution systems, and tax collection and management systems that adapt to the development of the market economy. ② The state correctly uses economic levers such as price, taxation, and credit to regulate the distribution and redistribution of national income, and induce, coordinate and control all aspects of social reproduction from the perspective of economic interests. ③ Formulate various economic plans scientifically, so that the economic plans are based on sufficient scientific basis, so that they can play their due role in medium and long-term resource allocation and make up for the shortcomings of relying entirely on the market to allocate resources.

28. Marketing model

Generally speaking, marketing models are divided into broad marketing models and narrow marketing models.

The broad marketing model refers to the business form adopted by channels, such as pharmacies, hospitals, TV direct sales, etc.; the narrow marketing model refers to a communication method for products to gain the trust of consumers, which is inseparable from the virtual value of the product.

29. REITs

REITs are a group that brings together the funds of many investors, is operated by a specialized management agency, is supervised by an independent agency, specializes in commercial real estate investment, and uses the proceeds A fund whose income is distributed by investors in proportion to their investment. (For details, see "The Ins and Outs of REITs" on page 64 of this issue)

30. Financing Lease

Financial leasing is actually not much different from installment payment, except that at the end of the lease period At that time, the property rights of the leased objects are transferred to the construction unit. The "installment payment, agreed property transfer" and "lease for sale" models that have emerged now are this basic model. It solves the problem of low creditworthiness of construction enterprises through the separation of ownership and use rights. It has become the second largest financing channel abroad, and most small and medium-sized enterprises solve it through financial leasing. Therefore, the difference between financial leasing and traditional leasing is that it can be sold through leasing or financed through leasing. This is something that our traditional leasing cannot solve.

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