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Office feasibility, around effective rent.

A-grade towers and fringe campuses. NLA, face rent, incentives and outgoings recovery as separate inputs, with stabilised yield as the design unit.

  • Inputs7 blocks
  • Outputs8 metrics
  • CashflowMonthly
  • ScenariosPlanned

What this model does

Office feasibility, end to end.

Decide whether the office site holds up at institutional cap rate. The model uses effective rent and outgoings recovery as the design unit, not face rent.

Calculation flow05 steps
  1. 01

    Scheme

    Site area, GFA, NLA, floor plate and levels captured.

  2. 02

    Cost stack

    Tower $/m², end-of-trip, lifts and contingency broken out.

  3. 03

    Stabilised NOI

    Effective rent from face rent minus incentives and rent-free; outgoings net of recovery.

  4. 04

    Exit value

    Cap rate applied to stabilised NOI for institutional exit.

  5. 05

    Returns

    Stabilised yield, equity IRR, peak debt and lease-up duration returned.

Schema

Every input. Every output. In one view.

The full office feasibility model schema. 7 input blocks feeding 8 output metrics, with the calculation engine in between.

Inputs07 blocks
  1. 01

    Site and scheme

    Site areaGFANLAFloor plateLevels
  2. 02

    Land

    Land costStamp dutyAcquisition
  3. 03

    Construction

    Tower $/m²End-of-tripLiftsContingency
  4. 04

    Operating cost

    OutgoingsRecoveryManagement feeCapex reserve
  5. 05

    Leasing

    Face rentIncentivesRent-freeVacancy
  6. 06

    Finance and exit

    LVRInterestCap rateExit value
  7. 07

    Programme

    DAConstructionLease-upStabilisation
Outputs08 metrics
Primary outputAt base case
Stabilised yield5.8%
MetricValue
  • Effective rent$620 /m²
  • Stabilised NOI$22.4M
  • Exit value$386.0M
  • Development profit$58.4M
  • Equity IRR15.4%
  • Peak debt$232.0M
  • Lease-up18 months

Engine logic

Two engines. Scenarios and cashflow.

The two pieces that separate the office feasibility from a spreadsheet. Scenarios that share one project, and a monthly cashflow wired to every input.

Scenarios01 / 02

Multiple scenarios, one project

Switchable in a click. No copied files.

  1. 01

    Incentives and rent-free as scenario levers, with effective rent falling out.

  2. 02

    Floor-by-floor lease-up curve per scenario.

  3. 03

    Cap rate sensitivity in one place.

  4. 04

    Each scenario carries its own operating cost build-up.

Cashflow02 / 02

Monthly cashflow, fully connected

Every input touches the schedule.

  1. 01

    Cashflow runs through construction and floor-by-floor lease-up.

  2. 02

    Effective rent steps up as floors lease, with vacancy modelled.

  3. 03

    Outgoings net of recovery feeds stabilised NOI.

  4. 04

    Exit value applied at the cap rate at stabilisation.

Excel replacement

Where the workbook quietly fails.

Every row is a recurring failure mode of the office feasibility spreadsheet, and how the model handles it once.

SpreadsheetPopurise model
  • 01Face rent buried in effective rentFace rent, incentives, rent-free as separate inputs
  • 02Lease-up as a single monthFloor-by-floor lease-up curve with vacancy
  • 03End-of-trip and lifts hidden in $/m²End-of-trip and lifts broken out

Use and verify

What it decides. What to check first.

The decisions the office feasibility is built to support, alongside the things to verify before you trust it on a live deal.

What it decidesUse cases
  1. 01

    Right-size incentives

    Test rent-free and fitout contribution against effective rent. Decide where to land.

  2. 02

    Stage the lease-up

    Floor-by-floor lease-up curve with vacancy. Stabilised NOI follows the curve.

  3. 03

    Pressure-test the cap rate

    Cap rate sensitivity in one place. See the value swing.

  4. 04

    Size the outgoings recovery

    Gross-to-net split out cleanly. The ratio is honest.

Pre-flight checklist05 checks

  • Face rent, incentives, rent-free as separate inputs.

  • Outgoings recovery as gross-to-net, not a flat percentage.

  • Lease-up modelled floor-by-floor with vacancy.

  • Cap rate sensitivity as a scenario, not a hardcoded number.

  • End-of-trip, lifts and floor plate as live cost inputs.

Worth checking before you stake a live deal on the office feasibility.Register interest
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Questions

Office feasibility, answered.

How Popurise handles the office feasibility.

Is the office model live today?

Not yet. Popurise is live for residential. Office is on the expansion roadmap.

How is effective rent modelled?

Face rent, rent-free, fitout contribution and downtime live as separate inputs. Effective rent falls out.

Does it handle floor-by-floor lease-up?

Yes. Lease-up is a curve, not a single month.

What about gross versus net?

Outgoings, recovery and management fee are separate inputs. Gross-to-net is split out cleanly.

Shape office feasibility in Popurise.

Tell us how your team models this sector today. We are building it with the developers who will use it.

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