Commercial Real Estate Lease Comparable Database Subscription for San Mateo County Assessor

The San Mateo County Assessor’s Office invites qualified vendors to submit proposals for unlimited access to digital commercial real estate lease comparable data through an online interface (the “Lease Database”). The resulting subscription will run from January 1 through December 31, 2027, and must provide comprehensive coverage of San Mateo County and the broader San Francisco Bay Area. Commercial appraisal staff will use the Lease Database to support mass appraisal valuations of commercial properties under the income approach to value. Located in Redwood City, California, the Assessor’s Office serves the residents and property owners of San Mateo County by valuing residential, commercial, industrial, and special-purpose properties for property tax assessment purposes. Depending on the property and the appraisal assignment, the Assessor’s Office may use one or more of the three recognized approaches to value: sales comparison, income, and cost. Valuation or reassessment may be required following a change in ownership, completion of new construction, or decline in market value. Because each approach relies on credible market or cost information, the Assessor’s Office contracts with providers of sales and property data, lease data, and construction-cost data covering San Mateo County and neighboring counties. Within this framework, reliable commercial lease comparables are essential to the application of the income approach. The data allow appraisal staff to analyze market rents and lease terms, select appropriate comparables, and document and support their valuation conclusions. This support becomes particularly important when a property owner questions a reassessed value or files a formal appeal with the County Assessment Appeals Board. The selected Lease Database must therefore be comprehensive, defensible, scalable, and suitable for application across the county’s diverse commercial property base. Although the Assessor’s Office’s current lease-data provider has met its operational needs, the Assessor’s Office is conducting a competitive solicitation for the upcoming contract term. This process will allow the Assessor’s Office to evaluate available Lease Databases and select the solution that best satisfies its data, coverage, functionality, access, training, and support requirements while providing the best overall value.