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Commercial real estate appraisers are finding challenges assigning value to office properties due to massive uncertainty in the sector. According to Lucas Rotter, founder and CEO, of Valcre, “The pandemic has created additional complexities for commercial appraisers assigning value to office assets as uncertainty exists in the market.” Destabilized occupancy and uncertainty around future office demand are at the heart of the challenges.

“Occupancy has yet to rebound to pre-pandemic levels, and renewed concerns about the Omicron variant are making remote work options increasingly attractive. As lease contracts expire in the coming years and renewals are up, it remains unclear what tenants’ next move will be in regards to their office needs,” Rotter tells GlobeSt.com. “Appraisers valuing office assets will have to account for these unknown factors and keep market-specific volatility top-of-mind.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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