A commercial real estate appraisal is an unbiased valuation assessment for any type of commercial property. A commercial property valuation is the equivalent of an appraisal, and the words are sometimes used interchangeably.
If you’re reading this page, you may need a commercial real estate appraisal because you're likely responsible to manage, sell, mortgage, tax, insure, or develop your commercial property. The information produced from an appraisal helps educate those who share interest in the subject property and can be used as evidence to support your goals.
The most common reasons one may need a commercial property valuation is to:
We all know the beauty of Florida and the joy inspired by our picturesque beaches, historical charm, community parks, southern food, hospitality and entertainment as well as our protected environmental spaces and species. Florida real estate has been appealing for a long time, but recent market trends indicate that our little secret is shouting out loud to small businesses, corporations, retirees, snow birds, fellow Americans and foreign investors all itching to have a little piece of the pie!
We've also always been susceptible to the challenges of storm activity, with frequency and intensity increasing every year, costing the property owner, insurance companies and the state more and more. Last year, Hurricane Ian caused more than $40 billion in damage across Florida. To cover the bill, it's widely expected that insurance premiums are going to go up in the Sunshine State, possibly as much as 40-50%, forcing commercial property owners to reapply for policies and endure additional scrutiny.
Condominiums have been singled out specifically due to both storm activity and professional liability. Last year, Champlain Towers South, a 40-year-old condominium in the city of Surfside, collapsed in the middle of the night. Ninety-eight people were killed and more than a year later, no one knows why the building fell. Senate Bill 4D, added in the May session of 2022, now requires each condominium building that is three stories or higher and has reached 30 years of age or a 25 year old condo near the coastline to have an inspection every 10 years. The bill includes specific steps the condominium association and inspector must take regarding the inspections and outlines how long studies on the building must be maintained and specific actions that should be taken based on the studies, including the amount of reserves to cover necessary maintenance and repairs.
Commercial properties in the State of Florida are required to have an updated appraisal every year. We recommend onsite inspection every three years and an annual update. Any time your property sustains damage, undergoes a major maintenance update, or implements improvements like a remodel, addition, or renovation, you should have an onsite property appraisal.
Think of PIE Pros as your commercial property detective; we assemble various facts, statistics, and other information regarding your property. The data is then analyzed and used to develop opinions of value. A good commercial real estate appraiser possesses sharp analytical & communication skills, and sound judgment. Our PIE Pros enthusiastically check each of these boxes.
Each PIE Pro is fully certified and trained in commercial property inspections. We champion rigorous education and experience which is why each Pie Pro is an InterNACHI certified 4-Point, Roof Certification, Wind Mitigation and Commercial Property Inspector. PIE Pros follow a very strict code of ethics and rules because trust is the cornerstone of any business relationship.
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