Why did the Appraisal Institute move to create a Commercial Database?
Changes in the commercial real estate market have resulted in downward pressure on appraisal fees and quicker turnaround times required for appraisal assignments. Appraisers are being forced to become more efficient in their operations to compete and survive. The need for current comparable market data is central to their business and appraisers spend an excessive amount of time locating and verifying rather than analyzing market data. Competitive pressures are fueling a growing need for easier, faster, less expensive access to higher quality market data. With the Appraisal Institute Commercial Database, the Appraisal Institute has acted proactively on behalf of its members to fulfill these needs. The Commercial Database will include data unavailable from any current source and will include not only appraiser-verified land sales and improved property sales, but also leases, operating expenses and appraisal assumptions. To further assist Appraisal Institute Members, the system will also
