What is a commercial real estate appraisal?
Commercial real estate appraisal (CRE appraisal) is the process of determining the value of a commercial property, such as an office building, retail center, or apartment complex. Appraisals are conducted by licensed professionals who use a variety of methods to assess the value of a property through inspecting the subject property, considering economic and market conditions, and analyzing comparable sales.
Who needs a commercial real estate appraisal?
There are several different types of commercial real estate appraisals, including those for financing, litigation, and tax purposes. Banks and other lending institutions often require commercial real estate appraisals to evaluate the value of a property before approving a loan. Commercial investors and property owners may also need appraisals to determine the value of a property for leasing or listing for sale. Additionally, local governments may require appraisals for property tax appeals. Overall, anyone looking to buy, sell, or finance a commercial property will likely need an appraisal to determine the value of that property.