Who orders this
- Commercial mortgage brokers and lenders
- Owners and investors buying, selling or refinancing
- Developers and builders planning financing
- Lawyers and accountants needing a market value for a transaction or dispute
Commercial real estate appraisal by property type
Commercial appraisals usually weigh the income a property can produce alongside comparable sales and, where useful, replacement cost. The appraiser reviews leases, vacancy, operating expenses and market rents to estimate value. Because the work is detailed and every asset is different, the right appraiser and scope depend on the type of property and what the report will be used for.
- Multi-family rental buildings, typically five units or more
- Retail plazas, storefronts and mixed-use buildings
- Office buildings and professional units
- Industrial buildings, warehouses and flex space
- Special-purpose properties, subject to appraiser availability
What to have ready for a multi-family or industrial property appraisal
Good documents shorten the job. Expect the appraiser to ask for a current rent roll, copies of leases, two or three years of operating statements, a list of recent capital work, site plans and any environmental or building condition reports. For industrial buildings, details on clear ceiling height, loading doors, power supply and yard space help the appraiser compare your property fairly.
Tell us the purpose and the intended user when you request a quote. A lender will usually need the report addressed to it, may specify a designation such as AACI, P.App, and may set its own format. Getting those points into the scope at the start avoids a rewrite later.
Good to know in British Columbia
In British Columbia, BC Assessment values property for tax as of July 1 of the year before. Lenders and lawyers need an appraisal of current market value instead.
Frequently asked questions
How much does a commercial property appraisal cost in Surrey?
Commercial fees depend on the property type, size, number of tenants, quality of financial records and the purpose of the report. They are commonly much higher than residential fees. AppraisalDesk sends a written quote for your specific property before any work begins.
Who can appraise commercial real estate in Canada?
Lenders typically look for an appraiser holding the AACI, P.App designation from the Appraisal Institute of Canada or, in Quebec, an évaluateur agréé who is a member of the OEAQ. Some lenders maintain their own approved lists, so tell us their requirements when you ask for a quote.
How long does a commercial appraisal take?
Timelines are set in the quote because they depend on complexity and how quickly financial documents arrive. A single-tenant building with clean records moves faster than a multi-tenant plaza. Your tracking page shows each step once the order is confirmed.
What approaches are used in a commercial appraisal?
Appraisers commonly use the income approach, which converts net operating income into value, the direct comparison approach based on similar sales, and sometimes the cost approach. The report explains which approaches were given the most weight and why.
Do you appraise apartment buildings and multi-family properties?
Yes. Buildings of five units or more are generally treated as commercial and valued with close attention to rents and expenses. Properties with two to four units are usually handled as residential. Either way, share the rent roll when you request a quote.