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Institutional CRE underwriting by asset class — multifamily, office, industrial, retail, hospitality. Written by practitioners, not marketers.
Institutional CRE is not one underwriting discipline. It is five: multifamily reads through a rent roll and a value-add renovation premium; office reads through a Trophy-to-Class B stratification, expense-stop mechanics, and the sublease overhang; industrial reads through a clear-height-and-dock-door spec stack with cold storage, data center, and manufacturing/flex as specialty layers; retail reads through anchor-and-inline cascade math on one side and single-tenant net lease credit decomposition on the other; hospitality reads through RevPAR-driven departmental P&Ls, management agreement fee layers, and the branding decision that reshapes the capital structure before the first guest checks in. Each asset class has its own 2026 cap-rate matrix, its own credit vocabulary, and its own institutional buyer pool.
The five clusters below cover those disciplines end to end — 26 practitioner guides across multifamily, office, industrial, retail, and hospitality. Each piece carries a 2026 worked example, the relevant cap-rate or cost stack, and the institutional benchmarks. Start with the asset class you are pricing. The cross-references pick up the rest.
Institutional multifamily underwriting — rent rolls, value-add renovation premiums, affordable/LIHTC, density economics, development through lease-up, and rent comp construction. Built around a 200-unit Sun Belt worked example.
See all 7 articles →Institutional office underwriting in 2026 — lease structure mechanics, TI/LC and effective-rent math, medical office, the Trophy / Class A / Class A-minus / Class B stratification, and the sublease-driven market analysis framework.
See all 5 articles →Institutional industrial real estate underwriting — logistics and distribution, the Class A spec stack, cold storage operator credit, data center power economics, and the manufacturing/flex bifurcation. Five guides for the 2026 cycle.
See all 5 articles →Institutional retail underwriting — outparcel ground leases, anchor and co-tenancy mechanics, grocery-anchored cap rates, big-box dark store re-tenanting, and single-tenant net lease credit decomposition. Built for the 2026 retail cycle.
See all 5 articles →Institutional hotel underwriting — RevPAR-driven acquisition analysis, full-service vs select-service vs limited-service operating economics, management agreement fee structures, and hotel development with PIP, key money, and flagging economics. Four guides for the 2026 cycle.
See all 4 articles →