Demand drivers
The analysis starts with the users of the space and their business requirements.
- Employment and business formation
- Trade area and customer traffic
- Logistics and infrastructure
- Tenant expansion and relocation
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Space shaped around business demand
Commercial
Commercial real estate spans office, retail, industrial and specialized operating environments, each with distinct tenant economics.
Underwriting lens
Lease structure and tenant quality directly shape cash-flow durability.
- Lease term and rollover schedule
- Tenant improvements and commissions
- Credit and concentration
- Recoveries, expenses and downtime
Execution risks
Functional obsolescence and leasing costs can materially alter outcomes.
- Tenant rollover clusters
- Changing workplace and retail behavior
- Capital-intensive re-leasing
- Single-tenant exposure