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The operating side of institutional CRE. How leasing, tenant decisions, and concessions move NOI, capital costs, and returns. Written by practitioners, not marketers.
Operations is where the pro forma meets the building. Every rent roll assumption, from the TI package that wins a tenant to the renewal probability that decides how often you pay for one, is an operating decision with a modeled cost. The gap between a broker's stabilized NOI and an institutional underwriter's NOI is almost always an operations question: what it actually costs to lease, re-lease, and hold the space.
The clusters below cover leasing, revenue, and expenses, the three operating disciplines with the largest footprint in an institutional pro forma. 15 practitioner guides, each with market benchmarks, the math, and the modeling conventions that keep a rent roll honest.
How leasing costs and tenant decisions flow through an institutional pro forma. Tenant improvement allowances, leasing commission structures, renewal probability by tenant type, free rent and effective rent accounting, and the co-tenancy clauses that turn one anchor departure into a rent cascade.
See all 5 articles →How multifamily revenue is measured, modeled, and optimized. Loss-to-lease analysis and the stabilization bridge, concession modeling and burn-off timelines, ancillary income streams (RUBS, parking, amenity fees), revenue management software and the post-settlement compliance landscape, and Section 8 HAP contract renewal mechanics.
See all 5 articles →How operating expenses are modeled in an institutional pro forma. Property tax assessment and appeal mechanics, insurance cost components and market cycles, utility expense recovery (RUBS vs. submetering) and green retrofit ROI, management fee and payroll scaling, and the R&M vs. CapEx classification that changes NOI, cash flow, and taxable income simultaneously.
See all 5 articles →