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Office
Class A towers to medical office: tenant improvement packages, stacking plans, and BOMA measurement.
Property Types
- Class A trophy tower
- Class B suburban office
- Class C value-add office
- Medical office building (MOB)
- Coworking / flex space
- Government / single-tenant net lease
Physical Attributes
- Floor plate size and efficiency (rentable vs usable area)
- Core factor and BOMA measurement standard (ANSI/BOMA Z65.1)
- Ceiling height, column spacing, and window line depth
- Base building HVAC zoning and BAS integration
- Elevator count, cab capacity, and lobby queue times
Value-Add
- Spec suite build-out targeting small tenants in soft markets
- Amenity floor addition (fitness, conferencing, tenant lounge)
- Lobby and common area modernization to reposition class
- Energy retrofit (LED, VFD drives, building envelope upgrade)
- Hybrid-work reconfiguration: hoteling stations, collaboration zones
Appraisal Approach
- Income approach dominant: direct cap on stabilized NOI or DCF
- Vacancy haircut based on submarket absorption and WALT
- Rent roll analysis: in-place vs market rent, rollover schedule
- Below-the-line TI and leasing commission reserves at renewal
Management
- Tenant mix management: industry diversification, credit quality
- Operating cost control: utility procurement, service contracts
- Stacking plan optimization for contiguous block availability
- Lease administration: escalation tracking, CPI resets, holdover
Strategic Concepts
- WALT management and lease staggering to reduce rollover risk
- Hold-sell analysis: cap rate expansion risk in rising-rate environments
- Flight to quality: Class A premium widening post-pandemic
- Adaptive reuse conversion feasibility (office-to-residential)
- Suburban vs CBD allocation in a hybrid-work portfolio