Introduction

Start with what is in place. Asking rent is easy to publish. Stabilized occupancy is harder because it depends on current tenants, lease expiration dates, downtime, concessions, and how long comparable vacant space sits.

What we actually underwrite

We do not treat a pro forma occupancy target as a fact. We look at in-place occupancy, remaining term, and the realistic path to fill vacancy without buying occupancy with unsustainable concessions.

Lease-up versus in-place

In-place occupancy is the current tenant stack. Lease-up occupancy is a forecast. Compare your lease-up case against recent absorption, competing supply, tenant demand, and the time and capital required to fill space. The test is whether the asset can hold tenants through a cycle at the proposed basis.

In-place occupancy and remaining term

Downtime and concession assumptions

Competing supply in the same submarket

Tenant credit and rollover concentration

Not a lease-up forecast

This is not a listing, a forecast you should rely on, or an offer to sell. Property information on this site is informational only and is not guaranteed.

• Occupancy is underwritten, not advertised.
• Local demand does not replace tenant-level work.
• Basis still has to work if occupancy slips.

We underwrite occupancy as the owner, not as a broker selling a story. If the tenant stack does not hold, the deal does not hold.