Buyers of commercial real estate are concerned with the financing and economics of their acquisition. Until recently, the material condition of the building was only a relatively minor concern. That is changing with Property Condition Assessments (PCA) due diligence requirements.
The initial impetus for carefully evaluating the condition of the building were the failures and foreclosures at the start of the decade. Financial institutions were forced to deal with buildings that were not maintained and needed substantial work.
Next, regulations such as The Americans with Disabilities Act (ADA) created certain imperatives for building owners to upgrade facilities. Seismic codes were, and continue to be re-written. New environmental and ecological concerns surfaced.