# Commercial Real Estate

Commercial Real Estate is treated as an interconnected process and meaning field. The chapter moves from grounded mechanisms to incentives, risks, history, relationships, mapshifts, and human consequences.

## Core traversal

- [Multifamily](../nodes/commercial/multifamily.md) — Multifamily joins a physical asset to an operating use and income stream
- [Office](../nodes/commercial/office.md) — Office joins a physical asset to an operating use and income stream
- [Retail](../nodes/commercial/retail.md) — Retail joins a physical asset to an operating use and income stream
- [Industrial](../nodes/commercial/industrial.md) — Industrial joins a physical asset to an operating use and income stream
- [Warehouse](../nodes/commercial/warehouse.md) — Warehouse joins a physical asset to an operating use and income stream
- [Logistics Facility](../nodes/commercial/logistics-facility.md) — Logistics Facility joins a physical asset to an operating use and income stream
- [Hotel](../nodes/commercial/hotel.md) — Hotel joins a physical asset to an operating use and income stream
- [Self-Storage](../nodes/commercial/self-storage.md) — Self-Storage joins a physical asset to an operating use and income stream
- [Data Center](../nodes/commercial/data-center.md) — Data Center joins a physical asset to an operating use and income stream
- [Life-Science Facility](../nodes/commercial/life-science-facility.md) — Life-Science Facility joins a physical asset to an operating use and income stream
- [Medical Office](../nodes/commercial/medical-office.md) — Medical Office joins a physical asset to an operating use and income stream
- [Student Housing](../nodes/commercial/student-housing.md) — Student Housing joins a physical asset to an operating use and income stream
- [Senior Living](../nodes/commercial/senior-living.md) — Senior Living joins a physical asset to an operating use and income stream
- [Commercial Mortgage-Backed Security](../nodes/capital-markets/commercial-mortgage-backed-security.md) — Commercial Mortgage-Backed Security turns pools of individual promises into tradable capital-market claims
- [Net Operating Income](../nodes/commercial/net-operating-income.md) — Net Operating Income compresses property operations and risk into decision-making measures
- [Capitalization Rate](../nodes/commercial/capitalization-rate.md) — Capitalization Rate compresses property operations and risk into decision-making measures
- [Debt-Service Coverage Ratio](../nodes/commercial/debt-service-coverage-ratio.md) — Debt-Service Coverage Ratio compresses property operations and risk into decision-making measures
- [Debt Yield](../nodes/commercial/debt-yield.md) — Debt Yield compresses property operations and risk into decision-making measures

## How to read this chapter

Follow claims and cash flows separately. Ask who holds authority, who supplies information, who receives benefit, who carries risk, and what changes when time or scale changes. Keep sourced fact, industry practice, synthesis, interpretation, and symbolic expression distinguishable.

## Mapshifting prompts

1. Change the unit of analysis from property to right, loan, cash flow, role, record, neighborhood, or institution.
2. Change the clock from closing day to thirty years, one market cycle, one building life, or several generations.
3. Change stakeholder and ask which previously invisible cost becomes central.
4. Return to the human map before choosing a move.

## Sentinel handoff

Legal, regulatory, fair-lending, historical, financial, cultural, and jurisdiction-specific annotations remain separate from Engine Output. They inform contextual use without flattening the graph.
