Office Appraisal Services
Small and large office properties have long made up a significant portion of the over all commercial real estate market. With the rise of service workers has come the development of office properties that meet the needs of industries ranging from healthcare and education to logistics and general office space. If you are looking to estimate the value of your office property, the McCoy Valuation team can help you by considering factors that are relevant to your local marketplace.
McCoy Valuation
Medical Office Appraisal
The healthcare vertical occupies a large share of office space, with medical facilities totaling an estimated 470 million square feet across the United States. Typical tenants for these types of medical office buildings include general practitioners, dentists and orthodontists, veterinary clinics, dialysis centers, outpatient offices, surgery centers, and hospital campuses. Common tenants in the regional market include Urgent Care, Patient First, Sentara, Bon Secours, Vidant, Riverside, Davita.
In many cases, the value of medical office space is not only determined by the technology that is built into the space but also the proximity to major medical systems. While some medical office buildings are located on the fringes of markets, it is common for hospitals and other healthcare facilities to be within a 5 to 10 minute drive.
McCoy Valuation
Office-Warehouse Appraisal
Office-warehouse real estate refers to a type of commercial property that combines office and warehouse space into a single building. This type of real estate is designed for businesses that require both office and storage space, such as manufacturers, distributors, and logistics companies. Office-warehouse properties offer a range of benefits, including increased efficiency, cost savings, and the ability to house all operations under one roof.
The design of these properties typically includes office space with windows, climate control, and other amenities, as well as warehouse space with high ceilings, loading docks, and ample space for storage. Typically having adequate space for product, tools, vehicles, equipment, and uniforms is among the most important factors to users.
Sometimes referred to as “flex space,” office-warehouses serve multiple uses. The demand for office-warehouse real estate has grown in recent years due to the rise of e-commerce and the need for businesses to have a centralized location for both their office and warehouse operations.
McCoy Valuation
Owner-User Office Appraisals
In many scenarios, business owners occupy real estate that they own. These “owner-user” properties often reduce or eliminate monthly rent expenses for business. While this can be a benefit for operators, it can make valuing a property more difficult when it is time to sell or finance.
Rather than having an in-place market rent, owner-users frequently charge no rent at all or put in place a below-market or above-market rent that is not in-line with comparable properties. With McCoy Valuation’s proprietary real estate database and network of real estate experts, determining an appropriate market rent by understanding lease terms for similar properties makes valuing the property an easier task.
McCoy Valuation
Major Office Appraisal Assignments
Riverfront Plaza is located in the heart of downtown Richmond and consists of two 22-story landmark towers situated along the James River.
Hall Automotive Call Center is a 32,000 sf multi-tenant office property located near the Lynnhaven Mall in Virginia Beach.
Lake Wright Executive Center is a Class A Medical Office property located in Central Norfolk.
Four Pembroke is a 178,984 sf multi-tenant office property located in the Towne Center area of Virginia Beach.
Fort Norfolk Plaza consist of a 196,000 sf medical office building with a parking deck and first floor retail space.
McCoy Valuation
Contact Our Team
Share more about your office appraisal needs and our team will reach out to you shortly about your assignment and how we can help.