In commercial properties, heritage protection requirements often concern the façade design and load-bearing structural elements, while the interior layout can usually be adapted more flexibly to commercial usage requirements.
For certain uses, such as hospitality, gastronomy or prestigious office locations, the historic character of the building can even represent an independent locational advantage and thus a value driver.
Increased tax depreciation options for renovation costs under the relevant provisions can additionally have a positive effect on investment attractiveness and thus on the achievable value.
Accessibility for foot traffic as well as sufficient parking options in the immediate vicinity also significantly influence the actual marketability of listed commercial properties.
Close coordination with the heritage conservation authority already at the planning stage helps to arrive at realistic assessments of conversion options and the associated costs.
For a deeper look: Valuing industrial property: production halls, logistics centres and business parks
Let properties are valued under sections 27 to 34 ImmoWertV; the principles are set out in the Income approach.
For listed buildings the economic remaining useful life is often shorter than the flat assumption applied by the tax office; this can be evidenced by a Remaining useful life appraisal report.
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