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For example, it can be a piece of property with a strip mall on it. Commercial real estate is vacant land that is zoned to allow all kinds of commercial businesses to be built on it. Commercial real estate may even have a residential home sitting on it at the moment. Many times as cities and towns grow property can be rezoned to allow for businesses to come into that particular area. A home that was a half a mile out of town may suddenly find itself in town when the town grows.