In August of 1999, the American Society for Testing and Materials (ASTM) published a Standard E2018-99, which defined "good commercial and customary practice for conducting a baseline Property Condition Assessment (PCA)." This standard was specifically written for commercial real estate and largely intended for commercial real estate transactions. The Standard was updated in July of 2008 and renamed E2018-08.
There is now a defined protocol for due diligence building inspections. For years, there has been a well-defined standard for performing Environmental Site Assessments. This new protocol should eventually make it easier for those involved with commercial real estate transactions, as the report contents and format have been well defined.
The PCA has been divided into four steps: Perform document review (drawings, maintenance records, etc.).
Perform a walkthrough survey of the property. Prepare costs for remedies recommended. Document findings and costs in a written report. Few properties are in perfect condition. Like used cars, older properties require maintenance and repair over time. An inspection can clue you in to areas of concern, improve your negotiating position and provide you with an assessment of the current condition of the property for future reference.
Commercial real estate was one of the hardest hit sectors of the U.S. economy during the recession. It is seen as a strong indicator of economic health and how it performs greatly effects the rest of real estate sales. It looks as though this industry is gaining strength due to an important commercial firm showing great growth for this quarter. According to CB Richard Ellis, the world's largest commercial real estate services firm, sales are up 12% to $61.2 million for this economic quarter. This growth has come with business growth in most sectors and especially office space rental throughout the world, including America.
Experienced commercial building owners, net lease occupants, and commercial property investors know the importance and benefits of hiring a qualified commercial building inspector to perform a Property Condition Assessment. Our network of commercial building inspectors and infrared thermal inspectors are qualified and experienced to provide clients with the best service. We encourage you to contact us or one of our qualified National Association of Commercial Building Inspectors members near you!
In the event that corrective action is required following the Phase II ESA programs, Consultants traditionally manage the process by arranging, supervising and overseeing the necessary Phase III ESA (Environmental Site Cleanup). Environmental monitoring and sampling occurs within the open excavations to assess for possible contamination and its extent. In the event that contaminated soils are encountered onsite, a remedial program is developed to achieve the property owner/client's objectives.
The Commercial Building Inspector provides inspection services to most of Southern Ontario. With the experience of inspecting Plaza's, Industrial Buildings, Warehouses, Offices, Combined Occupancies, strip plaza's, churches, schools and hospitals, the Commercial Building Inspector can provide the expertise to protect your Commercial Property investment. As a Certified Building Code Official with the Ontario Building Officials Association and an experienced Thermographer in infrared technology your inspection will be detailed and comprehensive.
Want to find out more about the Commercial Building Inspector, then visit the Commercial Building Inspector's site on how to choose the best Commercial Building Inspector in the GTA and Mississaugafor your Investment Property needs.