Calculating Fair Market Value per SquareFt for Medical Building

[Khaled Fawzy]

I'm working with some investors that are looking to put in a medical building and I'm currently working on compiling some basic information on a handful of lots that they're interested in. Most of them are within a 1-2 mile radius of each other and I have basic information on the lot (mostly pulled from county GIS site). They also asked me to calculate the FMV per square foot for a proposed 9-10,000 rentable sqft building.

All the lots that we're currently looking at are vacant lots, and the cost of development of the lot into the building is not something i'm to include in my analysis as its going to be taken care of by the future tenant. Most of my experience in the past has been to calculate FMV on small and mid-size residential units and this is the first time i'm looking at something like a medical building.

Whats my best approach to determine the FMV per sqft? Since it's not quite as easy for me to determine what comparable rent is in the area, as it was with residential and apartment buildings. I reached out to a couple of the commercial agents in the area and asked them for the info and hopefully they'll be able to provide me with accurate results.

Ideally though I was hoping to learn how I'd be able to do this myself. Any advice/suggestions are appreciated!

Thanks!