Two principal categories of commercial real estate are office property and what?

The correct choice is retail property, as it represents a principal category of commercial real estate alongside office property. Commercial real estate is primarily classified into several sectors based on the type of use, and office and retail properties are two of the most significant sectors.

Office properties include buildings where businesses conduct their operations, such as corporate headquarters, law firms, and tech companies. Retail properties, on the other hand, are designed for businesses that sell goods and services directly to consumers, including shopping malls, stores, and restaurants. This division is essential in property management and investment, as office and retail properties often have different market dynamics, tenant needs, and financial considerations.

Other categories mentioned, such as industrial, residential, and agricultural properties, do exist within the broader real estate market but fall outside the primary classification being focused on in this context. Industrial properties pertain to manufacturing and distribution facilities, residential properties are for housing, and agricultural properties involve land used for farming or livestock. While all these categories represent valuable aspects of real estate, they do not align directly with the question regarding the two principal categories in commercial real estate alongside office property.