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Industrial property assessments

Industrial property assessments

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Businesses and other organizations use industrial properties for manufacturing, warehousing, distribution, storage, contractor workshops, and more. These types of properties typically have limited interior building finishes.

We value industrial properties by comparing the characteristics of those properties to comparables that have sold; this is called the sales comparison approach. Characteristics that typically impact the value of an industrial property are:

  • building type: single, multi-tenant or out building
  • assessable area
  • actual year of construction
  • location
  • finished area
  • site coverage
  • land use designation

Using the sales comparison approach, here are some characteristics that typically impact the value of industrial condo properties:

  • assessable area
  • actual year of construction
  • location
  • finished area

Building type

  • Industrial warehouse single tenant (IWS), which consists of one or two bays/units
  • Industrial warehouse multiple tenant (IWM), which consists of three or more bays/units
  • Industrial outbuilding (IOBS)

Assessable area

The assessable area of an industrial building is based on its gross building area in accordance with industry standards. Gross building area is best described as the total area of the building – measured from the exterior walls – plus rentable mezzanine or upper floor space. All else being equal, the larger the building, typically the higher the market value of the property.

Actual year of construction (AYOC)

The age of an industrial building is measured by the actual year of construction as per its development permit. Properties that have undergone significant renovations or have had newer additions added may require an Effective Year of Construction (EYOC) to appropriately value the improvements. The older the building, the less economic life remaining, and typically, the lower its contributory value.

Location

Certain industrial parks may be considered to trade at a premium or a discount depending on the market evidence available and supply and demand of each. The factor values for location change from year to year.

Finished area

Finished area refers to finished space, such as office and retail tenant improvements, expressed as a percentage of the total assessable area. Finished area is typically worth more than warehouse or storage space.

Site coverage

Site coverage (also referred to as site density) captures the site area and utility of a property and is calculated by dividing the total building footprint of a property by its lot size. All else being equal, a property with lower site coverage has a larger piece of land and greater site utility, when compared to a property with higher site coverage and would therefore be expected to trade for more.

Land use designation

The land use designation refers to the permitted and discretionary uses of a parcel under the current Land Use Designation Bylaw 1P2007. The land use of industrial property governs what can and cannot be built on a parcel of land. As such, some land uses are observed to trade at a premium versus others.

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Assessment Search is our online resource for property and business owners to access more detailed information about their assessment and property details.

We do regular research with businesses to better understand the outlook and viewpoint of the business community. If you are a business owner, leader or manager, join our online business research panel, Business Perspectives.