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Extreme Appraising: Valuing CRE in a Down Market
Friday, April 23, 2021, 9:00 AM - 5:00 PM EDT
Category: Education

Given the possibility of declines in the value of CRE as a result of COVID-19, this seminar will address critical issues, often misunderstood even by experienced commercial appraisers, in valuing property in a declining market.

The seminar will be based on a hypothetical case study property, a multi-tenant office building. The primary focus of the case study is to value the property “as is” and “when stabilized”, using all three valuation approaches, based on the following circumstances:

  • The property is 50% vacant in a market experiencing 20% vacancy, thus necessitating the proper measurement of a rent-up adjustment to be incorporated in all three approaches to value the property “as is”.
  • The market is forecast to experience on-going, but temporary, external obsolescence based on a detailed fundamental market analysis, which will be demonstrated using current methodologies and also incorporated in valuations.

In addition, the case study property also incorporates two other issues that will need to be addressed in the valuations.

  • One lease at the property was first negotiated when the market was much stronger. The rent for this lease was recently reduced and the term extended, in a so-called “blend and extend” renegotiation, but is still above market, therefore necessitating a “property rights adjustment”.
  • Another lease includes an apparent higher than market rent due to substantial landlord-provided concessions, therefore necessitating a measure of “effective rent” for purposes of forecasting the rent at the time of lease renewal.  

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Register Here

Space is limited for this seminar – sign up early!  

CE Credit Approval: NC Appraisal Board Approved for 7 Hours  

*Students seeking CE credit for this course from a state other than North Carolina are responsible for confirming with that state’s licensing board that this course will be accepted. The North Carolina Chapter recommends students check before registering*

PHOTO ID REQUIRED: Students will need to send a photo (ex: driver license photo) to [email protected] after registering. Our instructor will be verifying the photo identification of students during roll call at the beginning and throughout the class. This is a requirement, and you will not receive credit if we do not have a photo to verify your identification with.

VIDEO/AUDIO REQUIRED: Our instructor must be able to see/hear you and you must be able to see/hear the instructor. Zoom Meeting allows student/instructor interaction through video/audio and the chat function. This is a requirement, and you will not receive credit if you do not have video/audio capabilities to see/hear the instructor/allow the instructor to see/hear you

About the Instructor: Gary S. DeWeese, MAI

Gary S. DeWeese, MAI, is the founder and principal of Real Estate Strategic Solutions, LLC, a real estate consulting firm specializing in litigation support, appraisal arbitration, public-private sector development, tax appeal work involving REIT valuation metrics, and other unique assignments.  Gary is the former Assistant Treasurer-Real Estate and the Director of Real Estate Investments for the University of California Pension Plan and Endowment where he was the senior management executive responsible for both public and private real estate investments of the portfolios and head of the corporate real estate function. Gary has an MBA from the University of California, Berkeley.  Gary has authored three manuscripts for The Appraisal Journal and has taught extensively in Asia and as a guest lecturer at UC Berkeley.