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Commercial Real Estate Appraisal: Chicago

HomeCommercial Real Estate Appraisal: Chicago

Commercial Real Estate Appraisal: Chicago

Even through challenging times, The Windy City is staying strong. Chicago has long been a major economic hub for the Midwest; as reported by NBC, its GDP size has even rivaled that of all but 20 countries.

Right now, that economic growth is stronger than ever, with no signs of slowing down; according to reports, the 2020 metropolitan market saw a 28% leasing increase from the year prior with 48.6 million square feet of new leases.

That is some impressive business development, but do you know how to follow the development of your business? If you haven’t already, find out why you should arrange a commercial real estate appraisal, find out how such appraisals are done, and why you should have one done with the most talented appraisers on the market.

What Is A Commercial Real Estate Appraisal?

A commercial real estate appraisal is a comprehensive valuation of what your property is worth. A multitude of factors are accounted for in this appraisal, including, though not limited to:

  • The condition of the property
  • Trends in the local market
  • The surrounding area around the property
  • Any damages that the property may have incurred
  • The size of the property
  • How comparable properties have performed
  • Value per doors, gross rent multipliers, or total net income

All of these things should be thoroughly assessed and accounted for to perform a proper appraisal. Once they are, then the appraiser will come to a final valuation and deliver you a more detailed appraisal report. 

Depending on the size and scope of your appraisal project, this project may take anywhere from a few days to a few weeks. In any instance, it will be best to have this project done by an experienced, reputable, and reliable appraiser that you know you can count on. 

Commercial Real Estate Appraisal Cost?

Commercial real estate is not a cheap thing to come by here in the Windy City. Cawley, a local brokerage firm in Chicago, pegged the average Chicagoland commercial property price at around $185 per square foot back in the 4th quarter of 2020. 

But will the appraisal itself also end up running you a hard bargain? Well, at the very least, expect to pay a few thousand dollars ($2,000-$5,000 on average) for the full appraisal, or potentially, tens of thousands of dollars ($10,000-$25,000 usually) for any larger-scale projects.  

Small scale or large scale, you should expect to pay out a decent amount to find out your total valuation amount. But if you don’t pay out that amount, you could run into all sorts of complications in the future. You don’t want to be left in the dark when making decisions as big as:

  • Mergers
  • Acquisitions
  • Budgeting
  • Tax Assessments
  • Lease Negotiations
  • Renovations, Expansions, or Development Planning

Before all of these big decisions, who should you choose for your big appraisal?

Get All Your Ducks In A Row With Allstate Appraisal!

With over 50 certified staff appraisers serving all 50 states, our national team knows how to deliver quality appraisal management services. We’ve been in business longer than 97% of AMCs active today, and offer trusted, comprehensive commercial appraisals for almost every conceivable industry you could think of. 

When conducting commercial property appraisals in Chicago, you should conduct them with the trust and assurance that six decades of experience brings. So, with all of that said, what are you waiting for?

Contact us to learn more and place an appraisal order today!

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