What to take out... what to leave in... what to simply repair to original functionality?
As you gain experience, you’ll learn that the life of a commercial property investor/developer isn’t always easy. Whatever is acquired, developed, renovated, or repurposed is done so for maximum ROI (Return On Investment). ROI is a very important component in the valuation concept of Highest and Best Use.
Highest and Best Use is central to the definition of market value for real property. Since most states assess to something close to that standard, your mission is clear: value to Highest and Best Use.
So if the developer simply missed the mark and common sense and your (growing) experience suggests a property tweak would achieve a higher return... incorporate it in your valuation. Be careful to account for any costs involved. Reference cost service and comparable info for guidance, and be sure to review the developer’s original costs.
Just because the investor says the property is an office and should be valued as such, does not always make it so. If the property is better suited for retail, apply those rent economics instead. Your fresh view brings a new and valuable perspective.
A previous post using different property examples also illustrates your fresh view: Who is the Best Next Tenant?