What Is My Office Building Worth?

If you own an office building, professional suite, or medical-office property and want to know what it is worth today, a broker opinion of value (BOV) gives you a professional, market-based answer without the cost or timeline of a formal appraisal. A BOV is prepared by a licensed commercial real estate broker using current comparable sales, local market data, and the specific physical and leasing characteristics of your building, and typically delivers in 2 to 3 business days.

For owners considering a sale, a BOV is typically provided at no charge as part of the broker relationship. For estate planning, partnership buyouts, property tax appeals, or other non-sale purposes, a modest fee may apply. You will always be told the cost before any work begins.

How an Office Building Gets Valued

Office building valuation relies primarily on the income approach for leased properties, measuring the net operating income the building produces divided by the cap rate buyers are applying to that asset class in that market today. The sales comparison approach serves as a critical check, measuring your building against recent comparable sales adjusted for size, quality, location, and lease status. For vacant or owner-occupied office buildings with no rental income to capitalize, the sales comparison approach carries the most weight.

The key factors a broker evaluates for an office building include:

• Building class: Class A trophy, Class A suburban, Class B, or Class C, and the condition of common areas, systems, and amenities relative to current tenant expectations
• Total rentable square footage and floorplate efficiency
• Occupancy rate and the credit quality of current tenants
• Weighted average lease term and near-term lease rollover risk
• Current rents relative to market rents and the mark-to-market potential
• Location quality: CBD versus suburban, proximity to transit, parking ratio, and amenity access
• Building systems age: HVAC, elevators, electrical, and fiber infrastructure
• Tenant improvement allowance obligations remaining and any unfunded capital commitments
• Net operating income after vacancy, taxes, insurance, management, and reserves

A BOV prepared by a broker with active office deal flow applies current cap rates and current comparable sales to your specific building and submarket. In 2026 the spread between Class A and Class B office cap rates in most markets exceeds 200 basis points, making asset-class accuracy essential to a defensible valuation.

When Office Building Owners Request a BOV

Most requests come from owners in one of these situations, and understanding which one applies determines what the BOV needs to document and what comes next.

• Preparing to sell and need a realistic pricing range before selecting a broker or deciding whether to sell at all given current market conditions
• Evaluating whether to sell now, hold and re-lease, or convert the building to an alternative use
• Estate planning or probate requiring documented current market value of an office asset
• Property tax appeal challenging an assessed value that does not reflect current market conditions
• Partnership dispute or buyout where an independent valuation is needed by both parties
• Refinancing a maturing loan and need supporting value documentation for a lender or debt restructure
• Distressed situation: matured debt, high vacancy, or inherited property requiring a disposition decision

A BOV is not a certified appraisal and is not suitable for SBA lending, institutional financing, or legal proceedings requiring USPAP compliance. For those situations, a certified MAI appraisal is required. A knowledgeable broker will tell you which document you actually need before you spend time or money on the wrong one.

BOV vs. Certified Appraisal for Office Property

Here is how the two valuation tools compare for an office building owner:

	Broker Opinion of Value	Certified Appraisal
Prepared by	Licensed CRE broker	Certified MAI appraiser
Turnaround	2 to 3 business days	2 to 4 weeks
Cost	Lower, often free for sale prep	$3,000 to $10,000+
Accepted for	Sale prep, estate, tax appeal, partnership buyout	Lending, IRS, court
USPAP compliant	No	Yes

For most office building owners evaluating a sale, handling an estate, appealing a property tax assessment, or addressing a distressed loan situation, a BOV is the faster and more practical starting point. A certified appraisal becomes necessary when a lender, the IRS, or a court requires USPAP-compliant documentation.

The Office Real Estate Market Right Now

The U.S. office market has turned a corner in 2026, though the recovery is sharply bifurcated between asset classes. According to CBRE’s Q1 2026 Office Market Report, the overall national office vacancy rate fell 10 basis points to 18.6%, while the prime vacancy rate fell 80 basis points to 12.7%. Midtown Manhattan’s prime vacancy rate dropped to just 2.9%. Average asking rents increased 2.2% year-over-year to $37.21 per square foot in Q1 2026, the fastest pace in six years. Office construction completions of 1.3 million square feet in Q1 were the lowest quarterly total since CBRE began tracking the metric in 1990, meaning the supply pipeline is effectively closed.

The bifurcation between Class A and everything else is the defining characteristic of this market. According to CommercialCafe, the national average office listing rate stood at $33.61 per square foot as of mid-2026, with year-to-date office sales totaling more than $23 billion across approximately 1,025 transactions at an average sale price of $213 per square foot. Cap rates for core trophy assets in healthy CBDs are running in the low to mid 6% range, while Class B commodity office, particularly 1980s and 1990s buildings in secondary submarkets, is trading at 8.5% to 11% or wider as buyers price in leasing risk, capital expenditure requirements, and structural demand challenges from hybrid work. The office CMBS delinquency rate reached 12.34% in January 2026 according to Trepp, an all-time high, indicating the capital recovery remains highly asset-specific.

For office building owners considering a sale or refinance, the most important variable is understanding precisely where your asset sits in this divided market. A Class A building with strong amenities, proximity to transit, and long-term tenants values very differently from a functionally obsolete suburban building with short leases and deferred capital needs. A current BOV anchored in 2026 transaction data gives you that answer before you commit to a strategy.

What to Expect When You Request a BOV for Your Office Building

The process is straightforward. After you submit your property address and basic details, a licensed broker with active office deal flow will review your request and follow up to confirm the information needed and discuss your situation.

To prepare a BOV for an office building, the broker will typically need:

• Property address, total rentable square footage, and building class
• Current rent roll showing tenant names, square footage, monthly rents, and lease expiration dates
• Occupancy rate at time of request
• Annual operating expenses: property taxes, insurance, management, maintenance, and reserves
• Parking ratio and any parking income
• Year of construction and any major renovation or capital improvement history
• Any unfunded tenant improvement commitments or leasing commissions outstanding
• Current mortgage or debt if relevant to the transaction being considered

A site visit is not typically required for standard office buildings. For larger properties, buildings with significant deferred maintenance, or assets where condition materially affects value, a walkthrough may be recommended. Most office BOVs are completed within 2 to 3 business days after property details are confirmed.

Markets We Cover for Office BOV

We provide broker opinions of value for office buildings in markets across the country. Don’t see your market listed? Submit your property details and a broker will follow up promptly regardless of location.

Request a BOV for Your Office Building

Getting started is free for owners considering a sale. Submit your property address and basic details and a licensed office broker will review your request and follow up promptly.

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Frequently Asked Questions

What is a broker opinion of value for an office building?

A broker opinion of value (BOV) is a written estimate of your office building’s current market value prepared by a licensed commercial real estate broker. For office properties, the BOV is based on the building’s income, occupancy, lease structure, tenant credit quality, recent comparable sales in your submarket, and the cap rate buyers are currently applying to similar office assets. It typically delivers in 2 to 3 business days and is appropriate for sale preparation, estate planning, property tax appeals, partnership buyouts, and most advisory purposes.

How much does a BOV cost for an office building?

For owners considering a sale, a BOV is typically provided at no charge as part of the broker relationship. For estate planning, a partnership buyout, a property tax appeal, or another non-sale purpose, a modest fee may apply. You will always be told the cost upfront before any work begins. To request a free consultation, contact Broker Opinion of Value at [email protected] or call (203) 712-9244.

How does the Class A versus Class B distinction affect my office building’s value?

In 2026 the cap rate spread between Class A trophy office and Class B commodity office exceeds 200 basis points in most markets, translating to a value difference of 20% to 35% or more for similar square footage. Class A buildings with strong amenities, modern systems, transit access, and long-term creditworthy tenants are trading at 6% to 7% cap rates in healthy markets. Class B and Class C buildings, particularly those built before 2000 with deferred capital needs and short leases, are trading at 8.5% to 11% or wider as buyers price in leasing risk and capital expenditure requirements. Knowing precisely where your building falls in this spectrum is the core value of a current BOV from an office specialist.

How accurate is a BOV for an office building in the current market?

A BOV prepared by a broker with active office deal flow and access to current comparable sales is a reliable indicator of what your building would trade for in the current market. Office valuations in 2026 require particular expertise because the market is more bifurcated than at any point in the past 20 years. A broker without current office transaction experience in your submarket may apply a cap rate or comparable set that materially misstates your building’s value. Always confirm the broker has recent office transaction experience in your specific market and property class.

What information do I need to provide for an office BOV?

The most important details are the property address, total rentable square footage, building class, current rent roll showing all tenants and their lease terms, occupancy rate, and annual operating expenses. Parking configuration and any outstanding tenant improvement commitments are also helpful. A broker will follow up to confirm any additional details needed for your specific situation.