Industrial property refers to those real estate properties that are exclusively involved in industrial activities such as the production of goods, manufacture, storage, warehousing, distribution, etc. It essentially refers to those properties which are strictly engaged in industrial activities and are not used for any other purposes. Now, it is important to recognize that industrial property does not exclusively indicate real properties. It can also be referred to as a subset of intellectual property. Before we take up this aspect of industrial property, we should first understand what intellectual property includes in its entirety.
Intellectual property may be known as a classification of property that deals with intangible productions of human intellect. It mainly refers to the inventions and creations of the mind. For instance, artistic designs, symbols, images, and literary works are all examples of intellectual property.
Now that we understand the concept of intellectual property, let us move on to how it relates to industrial property. Under the ambit of intellectual property, the industrial property would essentially refer to industrial designs and creations with respect to various industrial products. There exist certain laws that effectively protect such achievements and industrial inventions. It should be noted that industrial property has become a fundamental tool when it comes to economic and strategic developments in such industries.
When it comes to real estate, industrial properties denote those types of properties that are exclusively utilized for the purpose of industrial developments. When we talk about other types of real estate such as residential or commercial, our minds gravitate towards many options such as houses, apartments, retail stores, shopping malls, etc. However, when we bring up the topic of industrial properties, more often than not, our minds come up blank. This is because industrial real estate is not a common area of discussion in our regular lives.
Industrial properties are strictly used for business purposes like manufacture, storage, production, distribution, etc. These properties are dealt with exclusively by those individuals that are truly involved in industrial activities. Even real estate professionals that are employed in the industrial sector find it considerably challenging to conclude real estate transactions involving industrial properties.
It should be noted that location is one of the most critical factors when it comes to industrial properties. The permissible proximity of industrial property to the general public largely depends on the kind of activities taking place inside that industrial property. It is a matter of public safety and convenience.
