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The Application Of Highest And Best Use Analysis

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  • Appraisal Institute

Abstract

The highest and best use of property is essentially the reasonably probable use that results in the highest value. The analysis of highest and best use can be thought of as the logical end of a spectrum of market analysis procedures, running from the study of a property’s market area, through more detailed marketability studies into the financial analysis of alternatives to determine the most profitable use, and finally to the reconciliation and formal conclusion of highest and best use, the timing of that use, and the most probable buyer. All these forms of analysis are interrelated processes that measure the economic potential of alternative uses of real estate. This article presents an overview of the steps in the process of highest and best use analysis.

Suggested Citation

  • Appraisal Institute, 2020. "The Application Of Highest And Best Use Analysis," The Valuation Journal, The National Association of Authorized Romanian Valuers, vol. 16(2), pages 4-37.
    • Handle: RePEc:vaj:journl:v:16:y:2020:i:2:p:4-37
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    More about this item

    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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