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Valuation of Commercial Real Estate

Conference held in Toronto on February 25 & 26, 1999
Chairs: Brian F. Flood, Colliers International Realty Advisors Inc.; Michael S. Cane, Drivers Jonas North America Limited; and Keith A. Jameson, Royal LePage Professional Services Inc.

Book: over 410 pages of original articles
CD-ROM: approximately 8 hours of video presentations, plus book content

To purchase, please contact Federated Press.

Boom or bust: the current state of the market and implications for valuation
Michael S. Cane, Senior Vice-President, Valuation, Drivers Jonas North America Limited

  • U.S. real estate markets: current drivers and REITs
  • Canadian markets: public equity, industrial and retail
  • Big box, urban entertainment centres and e-commerce
  • The future of capital markets in real estate
  • Hotel and office markets: historical /current perspectives

Video: 33 minutes • Speaker’s paper: 7092 words

Valuing commercial and industrial properties: the lender’s perspective
Brian F. Flood, Vice-President and Manager, Colliers International Realty Advisors Inc.

  • CDIC and OSFI requirements
  • Key elements of the appraisal
  • Valuation approaches to market value estimates
  • Qualifications of the appraiser
  • Industrial and land contamination issues
  • Office and retail: tenant and leasing concerns
  • Hospitality properties: deductions from cash flow
  • Current lending criteria

Video: 34 minutes • Speaker’s paper: 4288 words

Valuation for financing purposes: the borrower’s perspective
James G. Meyers, James Meyers & Associates Inc.

  • Selection of appraiser
  • Factors influencing appraiser’s estimate of value
  • The appraiser’s discretionary powers
  • The appraiser’s relationship with the borrower
  • The quality vs. marginal borrowers and lenders
  • Office buildings, trophy and special purpose properties

Video: 51 minutes • Speaker’s paper: 4549 words

Valuing issues and expropriation
Patrick D. Cornwall, Cornwall Property Consultants Ltd.

  • The Expropriation Act and the appraisal report
  • Methods of valuation: total buyout vs. partial taking
  • Entitlements under a partial taking appraisal
  • Values in partial taking appraisal
  • Injurious affection: valuation issues
  • Market value vs. value in contribution

Video: 41 minutes • Speaker’s paper: 7045 words

How will the new Ontario Fair Assessment System affect commercial/industrial valuation?
Michael L. Brookes, KPMG Property Tax Services

  • The new system vs. the old system
  • Assessment Review Board requirements
  • Impact on commercial and industrial owner
  • Taxpayer’s role and Toronto tax rate variance
  • Owner/tenant apportionment of taxes
  • The tax capping provisions
  • Impact on new construction, conversions and renovations

Video: 36 minutes • Overheads

Replacement cost and valuation
Hans J. Moehring, First Condo Group Limited

  • Replacement cost methodology: inductive cost
  • Hard and soft costs
  • Building classification systems: uniformat/masterformat
  • Valuation approach to full replacement cost estimates
  • Replacement cost estimates in risk management
  • Factors affecting insurance coverage

Video: 31 minutes • Speaker’s paper: 4113 words

Determining highest and best use of property
R. Norman Height, Norman Height & Associates

  • Uniform standards of appraisal practice
  • Heuristic and theoretical economic approaches to HABU
  • Definitions, common goals and practical examples of HABU
  • Special purpose properties
  • Value variations of appraisal reports
  • Determining market trends: "what if" scenarios

Video: 45 minutes • Speaker’s paper: 7508 words

Valuing contaminated industrial properties
Barry A. Lebow, Lebow, Hicks & Katchen Ltd.

  • The cost to cure the contamination
  • Examples of contamination of property
  • Valuation approaches to contaminated/infested sites
  • Dealing with the stigma factor: market value impact
  • The many facets of contamination
  • Value loss measurements in contaminated properties

Video: 31 minutes • Speaker’s paper: 3553 words

Valuing issues and litigation
Stephen F. Waqué, Borden & Elliot

  • Subjective and objective approaches to valuation
  • Outdated appraisal techniques
  • Determining the best valuation methods
  • Determining highest and best use
  • Ground lease interpretation and risk of change
  • Charts: trigger points and expert evidence

Video: 49 minutes • Speaker’s paper: 4278 words

Valuing issues and lease/rent renewals
Murray Visser, Arthur Andersen LLP

  • Establishing effective market rents
  • Factors influencing market rents
  • Central vs. suburban properties
  • Use of data sources for establishing rental rates
  • Principles of establishing maximum achievable rents
  • Converting market rents into value

Video: 35 minutes • Speaker’s paper: 6073 words

Valuation for nursing and retirement homes
John M. Davies, CVPL Real Estate Valuation Limited

  • Retirement homes: investment and valuation
  • Long-term care facilities: funding/legislation
  • Valuation of long-term care facilities
  • Demographics and health care industry trends
  • The Case Mix Index provincial funding formula
  • Elderly care in the U.S.: housing trends

Video: 47 minutes • Speaker’s paper: 9079 words

Valuing apartment buildings in the new era of rent controls
Paul M. Marsiglio, The Morassutti Group

  • State of the market: effect on valuations
  • The Tenant Protection Act and valuations
  • The new tax assessment changes
  • Valuing an apartment building
  • Factors influencing the capitalization rate
  • REITS and pension funds

Video: 40 minutes • Speaker’s paper: 8868 words

 

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