Course Description and Outline

CPD 107: Office Property Valuation

Pre-requisite: Recommend BUSI 331 or a thorough understanding of the theory and application of income valuation.

This course explores the basis for determining the market value of office properties. The first lesson offers an overview of how the physical aspects of office properties influence their value, examining types of design and construction, the physical and functional attributes of a variety of properties, and the methods of inspection and analysis that can help pinpoint these value-influencing factors. The second lesson focuses on the principles of value and appraisal techniques that apply to multi-tenanted office projects. The application of the three approaches to value are each discussed, but the emphasis is on discounted cash flow (DCF) and direct capitalization methods of valuation. The application of these theories and principles are illustrated in a series of case studies, both in the lesson and on the course website.

The course is applicable to anyone with an interest in learning more about office properties in general and their valuation in particular. It is particularly relevant for real estate professionals who may work with office properties in their practice. This may include appraisers, brokers, leasing agents, property managers, or developers, among others. Upon completion of the course, students should have a working knowledge of market considerations for office properties and how these contribute to their value.

Topics Covered

  • Construction Types
  • Building Systems and Finishes
  • Maintenance
  • Office Building Design and Marketability
  • Factors that Influence Value
  • Variables and Assumptions in Office Building DCF Analysis
  • Sample Case Study: High-Rise Office Building

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