About Hulberg & Associates · San Jose
Hulberg & Associates, Inc. is a San Jose-based commercial real estate appraisal and consulting firm founded in 1976 by Norman "Norm" C. Hulberg, MAI, and now operating as Valbridge Property Advisors | Northern California. The Silicon Valley office, located at 1530 The Alameda, Suite 100, San Jose, CA, is one of the largest commercial appraisal firms in California and a co-founder of the Valbridge national network (the largest independent commercial real estate appraisal firm in the U.S.). The team of MAI-designated appraisers provides independent valuation, consulting, litigation support, and tax appeal services across all major commercial asset classes.
Hulberg & Associates traces its origins to 1976, when it was founded as Gilbeau Hulberg & Associates by Norman "Norm" C. Hulberg, MAI, joined shortly after by Walt Carney, MAI. From early beginnings focused on major commercial asset classes, the practice expanded over five decades to include special-purpose properties, partial and fractional interests, and a wide range of valuation-advisory engagements. In 2013, the firm co-founded Valbridge Property Advisors, a national network that has grown into the largest independent commercial real estate appraisal firm in the United States, while Hulberg & Associates continued to operate as an independently owned local affiliate. Headquartered at 1530 The Alameda in San Jose, with additional offices in San Ramon (East Bay), Modesto, and Sacramento, the Northern California team serves the San Francisco Bay Area, Central Valley, Central Coast, and northernmost regions of California — a footprint spanning 48 counties. Collectively, the firm has appraised more than $300 billion in real estate. Senior leadership expanded in 2024 with the addition of Laura Hulberg as Senior Managing Director. The Silicon Valley office team includes MAI-designated managing directors Walter D. Carney and Gene Williams, MAI, CCIM, directors Yvonne J. Broszus, MAI, Josh Fronen, MAI, Maria Aji, PhD, Tony Sciarrilli, MAI, and Michael D. Porter, plus senior appraisers Chrisoula Kantiotou, PhD, Gene Malone, and Christine Ryczkowski. Clients include lenders, developers, attorneys, government agencies, property owners, and investors; many engagements involve complex litigation, eminent domain, partial-interest valuations, and IRS-estate work.
- In business
- 49 (founded 1976)
- Owner
- Norman "Norm" C. Hulberg, MAI (Senior Managing Director, joined by Walt Carney, MAI). Laura Hulberg added as Senior Managing Director in 2024.
- Serves
- Silicon Valley (San Jose, Santa Clara, Mountain View, Palo Alto, Los Altos, Redwood City, Gilroy, Santa Cruz, Monterey Bay) plus broader Northern California — San Francisco Bay Area, Central Valley, Central Coast, and northernmost counties (48 counties total). Additional offices in San Ramon (East Bay), Modesto, and Sacramento.
- Rating
- Limited verifiable third-party review data found; MapQuest carries a brief client comment describing Hulberg & Associates as "one of — if not THE — best appraisal firms in the Bay Area" with "professional work" that is "credible," though no aggregate star rating was confirmed.
About Hulberg & Associates / Valbridge Property Advisors
Hulberg & Associates, Inc. is the locally owned and operated Northern California affiliate of Valbridge Property Advisors. Founded in 1976 as Gilbeau Hulberg & Associates by Norman C. Hulberg, MAI (soon joined by Walter D. Carney, MAI), the firm is headquartered at 1530 The Alameda, Suite 100, San Jose, CA, with additional offices in San Ramon, Modesto, and Sacramento. In 2013, the firm co-founded Valbridge Property Advisors, which has since become the largest independent commercial real estate appraisal firm in the United States, with more than 60 offices nationwide. The San Jose office is led by MAI-designated senior managing directors and serves clients across Silicon Valley and the greater Bay Area.
- Founded 1976 as Gilbeau Hulberg & Associates; later Hulberg & Associates, Inc.
- Co-founded Valbridge Property Advisors in 2013
- Now operating as Valbridge Property Advisors | Northern California
- Offices in San Jose (HQ), San Ramon, Modesto, Sacramento
- Part of Valbridge's 60+ office national network
Silicon Valley Office — Service Area
The Silicon Valley office, based at 1530 The Alameda in San Jose, serves the greater South Bay and Peninsula markets of Northern California. Across its 48-county regional footprint, Valbridge | Northern California covers the San Francisco Bay Area, Central Valley, Central Coast, and northernmost regions of the state for appraisal and consulting engagements.
- San Jose (headquarters)
- Santa Clara
- Mountain View
- Palo Alto
- Los Altos
- Redwood City
- Gilroy
- Santa Cruz
- Monterey Bay
Comprehensive Valuation & Advisory Services
The firm's appraisers deliver independent property valuation and consulting services, advising clients on real estate, business, and investment decisions such as buy-sell-hold and lease-own alternatives. Each Valbridge office is led by an appraiser holding the MAI designation, which the firm describes as "the Gold Standard for Valuation." Beyond standard commercial work, the practice covers partial-interest and fractional-interest valuations, contamination and construction-defect matters, and valuation for financial reporting under modern accounting standards.
- Portfolio valuation
- Real estate market and feasibility analysis, including rent and demand studies
- Site analysis and selection
- Property and lease comparables, including lease review
- Due diligence
- Property tax assessment review, property tax appeals, real estate tax implication analysis
- Right-of-way, eminent domain, and easement valuations
- REO and foreclosure evaluation
- Financial reporting valuations (goodwill impairment, impairment or disposal of long-lived assets, fair value, leasehold)
- Insurance, estate planning, and trusteeship valuations, including fractional-interest valuation for gifting and IRS purposes
- Litigation support, including expert witness testimony
- Business and partnership valuation and advisory services, including partial interests
Property Types Appraised
The Silicon Valley team handles a wide spectrum of property types — both common commercial asset classes and more unusual special-purpose holdings — ranging from industrial buildings and football stadiums to subdivisions, endangered habitats, cell towers, easements, and remnant parcels.
- Office buildings
- Industrial buildings
- Retail buildings
- Apartments, multifamily, and senior living buildings
- Residential
- Hotel, lodging, hospitality, and recreational buildings
- Other special-purpose buildings (including worship facilities, automobile dealerships, service stations, military bases, airports)
- Farms, ranches, open ground, permanent plantings, and cold storage
- Vacant land
Meet the Silicon Valley Team
Senior leadership in San Jose includes Norm Hulberg, MAI, Laura Hulberg, and Walter D. Carney, MAI, supported by directors and senior appraisers who collectively bring decades of experience in appraisal, litigation support, and tax-appeal work. Several team members are qualified expert witnesses and have testified in hundreds of cases in state and federal courts.
- Norman "Norm" C. Hulberg, MAI — Senior Managing Director (President, Hulberg & Associates, Inc.; appraisal career since 1976; 40+ years of experience; member of Valbridge Board of Directors; testified in 300+ cases including 100+ jury trials; longtime Appraisal Institute Northern California Chapter leader)
- Laura Hulberg — Senior Managing Director (joined senior leadership in 2024)
- Walter D. Carney, MAI — Senior Managing Director (co-leader since the firm's early years)
- Gene Williams, MAI, CCIM — Senior Managing Director
- Yvonne J. Broszus, MAI — Director (30+ years; special-purpose properties, condemnation, environmental lawsuits, property tax appeals; expert witness)
- Josh Fronen, MAI — Director (entered profession in 2001; cell towers, easements, remnant parcels; past Chairman of Fall Conference Committee, Board of Directors)
- Maria Aji, PhD — Director
- Tony Sciarrilli, MAI — Director (also serves Sacramento | Central Valley)
- Michael D. Porter — Director (also serves Sacramento | Central Valley)
- Chrisoula Kantiotou, PhD — Senior Appraiser
- Gene Malone — Senior Appraiser
- Christine Ryczkowski — Appraiser
History & 50th Anniversary
In 2026 the firm marked its 50th year in operation. The practice was founded in 1976 as Gilbeau Hulberg & Associates by Norm Hulberg, MAI, joined soon after by Walt Carney, MAI. Over five decades the firm grew from a regional commercial appraisal practice into one of the largest commercial appraisal firms in California, eventually co-founding Valbridge Property Advisors in 2013 to combine deep local expertise with national reach and leading-edge appraisal technology. As the firm noted in its 50th-anniversary message, it has reached the milestone thanks to the loyalty of "many faithful clients" — "Thanks for putting your trust in Hulberg – now Valbridge – for our first half century."
- 1976: Founded as Gilbeau Hulberg & Associates
- Later renamed Hulberg & Associates, Inc.
- 2013: Co-founded Valbridge Property Advisors (national network)
- 2024: Laura Hulberg added as Senior Managing Director
- 2026: Celebrates 50th anniversary
- Cumulative real estate appraised: $300+ billion
Credentials & Professional Affiliations
Every Valbridge office is managed by an appraiser holding the MAI designation from the Appraisal Institute, which the firm calls "the Gold Standard for Valuation." Senior Managing Director Norman C. Hulberg holds California Certified-General Appraiser Certificate No. AG003542 and is Appraisal Institute Member No. 6468. Multiple team members are active leaders in the Northern California Chapter of the Appraisal Institute, having chaired the Annual Fall Conference Committee and served on the Board of Directors.
- MAI designation, Appraisal Institute
- California Certified-General Appraiser Certificate (Norman C. Hulberg — AG003542)
- Appraisal Institute Membership (Norman C. Hulberg — No. 6468)
- CCIM designation (Gene Williams)
- Northern California Chapter, Appraisal Institute — leadership and board roles
- Rotary Club of San Jose (Norman C. Hulberg)
- Government contractor registration (NCAGE 42KX3)
Locations & Contact
The Silicon Valley headquarters is at 1530 The Alameda, Suite 100, San Jose, CA 95126. The firm can be reached by phone at (408) 279-1520 (fax 408-279-3428), with direct lines available for senior staff. Consultation requests can be submitted through the Valbridge website.
- Address: 1530 The Alameda, Suite 100, San Jose, CA 95126
- Main phone: (408) 279-1520
- Fax: (408) 279-3428
- Direct line (Norm Hulberg): 408-722-9102 x7142
- Email: [email protected]
- Web: https://www.valbridge.com/locations/silicon-valley/
- Additional offices: San Ramon (East Bay), Modesto, Sacramento