Services

Valuation and pricing analysis: what a commercial property is worth on the income it produces, and how that figure moves as the assumptions behind it change.

Market analysis covering the submarket a property sits in — comparable rents, comparable transactions, operating expense levels, and vacancy and absorption conditions — so that an assumption can be measured against evidence rather than estimated.

Review of operating statements and rent rolls, including normalization of non-recurring items, so that reported performance and underlying performance can be told apart.

Underwriting of a purchase or a refinance: rent roll review, normalized operating expenses, debt service coverage, and the return an asset produces under stated assumptions.

Asset-level performance analysis of a property already held: operating cost measured against budget, the contribution of current tenancies, and the capital a building is likely to require over the hold period.

Sensitivity and downside analysis — how an outcome changes when interest rates, vacancy, turnover cost or a tax assessment move against the position, and at what point the position stops working.