The appraisal of office complexes often involves the evaluation of multitenant, multistory and multi building properties, or at least properties with some of these characteristics. While some office complexes are owner occupied or single tenant properties, the majority are rental properties with multiple tenants. This requires the use of the Income Approach to Value, and occasionally the Cost and Sales Comparison Approaches as well. Many, if not most, office leases are relatively short term leases of fewer than five years. It is not uncommon to see two, three and five year leases with tenant options for renewal. Rarely, but on occasion, we find long term office leases of 10 or 20 years.
Factors such as occupancy percentage, location, architectural style, building age and condition, accessibility and visibility must also be considered in the appraisal of Office Complexes. The appraisal of Office Complexes is considered more challenging than that of a single office building and requires a Certified General Appraiser, if not an appraiser with a commercial appraisal designation as well.
ELLIOTT® is qualified to provide an appraisal for any Office Complex anywhere in the United States. We have Client Service Specialists, Commercial Appraisers and Commercial Appraisal Reviewers capable of handling the most challenging tasks. In addition, where other support services are required such as Title Searches and Surveys, we can also be of service. We offer one stop shopping and servicing for most any type of Commercial Appraisals, including Offices Complexes.