Property Types

RCA covers six property types: Office, Industrial, Apartment, Retail, Hotel, and Development Sites.

• Industrial: for industrial use, such as distribution, manufacturing or warehouse facilities. Flex is indicated for properties with a mix of office and industrial uses. Almost always single story, they may be research facilities, tech/telecom facilities, etc. General Industrial is manufacturing or warehouse/distribution properties.
• Office: primarily used for office space. The square footage reported refers to the rentable area. Office properties are classified based on their location as either CBD or Suburban. CBD, or Central Business District, is the "downtown" of a city, based on generally accepted classifications adopted in each market. Office properties may have a small retail component (especially in CBDs on the street level), or a parking garage, or other attached uses. Single-story office properties are classified as Flex. Other subtypes include R&D, buildings with specific use for research and development. This may include medical, laboratory and scientific research space. Ultra secure ?clean rooms? are typical in R&D buildings. Medical Office, all office space that is occupied by a physician. Tech/Telecom, high tech buildings which were built with wiring and necessary power already in place; may include data centers.
• Apartments: multi-family rental properties. Apartment properties are classified as either Garden complexes or Mid/High-rise projects, which are defined as four stories or greater. Other subtypes include Senior Independent, an apartment complex where residents are required to be a certain age; usually 55+ and few to no special amenities or resident care are provided and Student Housing, an apartment complex where the majority of residents are college students.
• Retail: RCA classifies retail properties as either strip centers or mall and other. Strip centers are usually smaller in size than a mall and has only one anchor tenant (unless a power center). It may even be an unanchored strip. Typically, this type of center does not carry the high-end merchandise found in mall department stores. Strip centers include Anchor Centers: one primary tenant in strip, Un-Anchored Centers: No primary tenant, Grocery: the anchor is a grocery store, Outlet: consists of manufacturers' and retailers' outlet stores which sell brand name items at discounted prices. Most centers are open air and configured in a strip type setting. Usually they range from 50,000 square feet to 400,000 square feet, but can be smaller or larger. Power Center: is a center usually 250,000 square feet to 600,000 square feet which has several large anchor type stores. These may include discount department stores (Nordstrom Rack), warehouse clubs, large category stores (Barnes & Noble) and home improvement stores. Typically the center is in strip format (may not always be connected) and has little or no small retail tenants.
• Mall and Other: Regional Mall: Usually 350,000+ square feet and can be configured either as an enclosed mall (many times more than one story) or as an open air center. Generally this type of mall has at least two anchor tenants. Freestanding: is if only one retail store sells for example an Eckerd's. Urban Store Front is a retail center that sells in a CBD.
• Hotel: an establishment that provides lodging and usually meals, entertainment and various personal services for the public. RCA breaks hotels into either Full Service: more than 150 rooms, room service, an onsite restaurant and a concierge service. Limited Service: less than 150 rooms, no room service and no onsite restaurant or concierge service. Extended Stay; always limited service and typically include a fully equipped kitchen and a larger room for longer stays. A Boutique hotel is located in an urban or resort location, has full service amenities and typically includes less than 200 rooms. A Resort is a full service hotel on more than 100 acres of land and typically has an attached golf course, water park or amusement facility. Suites: offer more space and furniture than a basic hotel room; in addition to the standard bed and bedroom fixtures, a suite will typically add a living room, usually with a couch that folds into a bed. Casino: typically full service however a few limited service casinos exist. A hotel should have a casino subtype if it has a gaming component (video poker, slots, table games, sports betting).
• Development Sites: land or an existing structure to be demolished for the purpose of new construction to the highest and best use of property. Usually, the property has been zoned for a specific kind of development or has a clear development plan and project cost.