commercial real estate appraiser in riverside, ca

What is the current state of the commercial property market in Riverside County?

In 2024, the commercial property market in Riverside County is generally softening due to the rising interest rates over the past couple of years. However, one segment has appreciated significantly in recent years and the overall slowdown varies by property type:
 

• Office Space: Severely affected due to work-from-home trends and COVID-19 mandates, leading to increased vacancies and decreased rental rates, especially in larger buildings.

• Retail Space: Relatively stable with a slight decrease, moving towards service-based businesses rather than traditional brick-and-mortar stores.

• Industrial Space: Initially surged post-COVID with low vacancy rates and high demand, particularly in logistics and e-commerce. However, it has also begun to slow down with rising vacancies and reduced construction activity.
   

What factors make the commercial real estate market in Riverside County unique?
 

Riverside County's commercial real estate market is unique due to several factors:
 

• Availability of Land: There is more available land for new developments compared to fully built-out areas like LA County.

• Lower Development Costs: The cost to develop in Riverside County is lower, involving less intense zoning and development requirements.

• Proximity to Major Hubs: Its location near LA and Orange County, combined with modern amenities and transportation systems, makes it attractive for new developments.

• Cost of Living: Generally lower cost of living and operational costs compared to LA County.
   

What types of commercial property are common in Riverside County?
 

Common types of commercial property in Riverside County include:
 

• Small to Mid-Sized Businesses: Catered spaces for smaller businesses.

• Larger Office Buildings: Found in downtown areas.

• Retail Centers: Ranging from small owner-user retail to large power centers.

• Industrial Properties: Extensive industrial parks with both small and large developments, known for logistics and warehousing.
   

How does the commercial real estate market differ from one area of the county to the next?
 

The commercial real estate market varies significantly across different areas of Riverside County and the adjacent areas:
 

• San Bernardino County (next to Riverside County): Generally cheaper with lower pricing, sales, and rents due to less favorable demographics.

• Western Riverside (Corona, Rancho Cucamonga, Ontario): Higher quality, newer developments, and higher prices due to proximity to LA and Orange County and better transportation links.

• Central Riverside and Eastern Areas: Prices decrease as you move further east from the central areas.
   

How do you approach commercial real estate valuation? Is there anything that makes you unique from other commercial appraisers?
 

We're a boutique firm with significant experience in this market. When you compare us with say a larger, national firm, there are a few key differences: 
 

• Efficiency and Speed: We're typically able to turn commercial appraisal reports around faster than a national firm with more logistical overhead is able to.

• Responsiveness and Customer Service: Because we're small, we respond very quickly to questions and can often turn revisions around the same day. Our responsiveness continues to create high client satisfaction.

• Streamlined Reporting: For many of our clients, we focus on the details we know are essential to their business and their purpose for the appraisal. By removing some of the unnecessary complexity, when appropriate, we're able to give clients what they need in the timeframe that they want it in.
   

What types of properties have you appraised?
 

We've appraised all types of commercial property, which most routinely includes retail, office, industrial, and land. We have extensive experience appraising various sizes and types within these categories throughout Riverside and San Bernardino Counties.

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What is your license number?

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Market Commercial is owned and operated by Aaron Chaires. He's a Certified General appraiser, license number: AG039165. You can see his license on the Appraisal Subcommittee's website here. You can also see his license on the California Bureau of Real Estate Appraiser's website here. 

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What areas do you cover?

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We provide appraisals throughout Southern California. However, we focus heavily on Riverside County. Our service areas within the county include Riverside, Moreno Valley, Corona, Murrieta, Temecula, Jurupa Valley, Indio, Menifee, Hemet, Perris, Lake Elsinore, Cathedral City, Palm Desert, Palm Springs, Beaumont, Banning, Norco, La Quinta, San Jacinto, Coachella, Wildomar, Eastvale, Desert Hot Springs, Rancho Mirage, Indian Wells, Canyon Lake and Calimesa. If you're unsure wether we cover your property or not, don't hesitate to reach out and ask.