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Operating model · Register interest

Office performance, lease by lease.

Contracted rent, recoveries, incentives and re-leasing through the hold. Operating NOI reflects the rent roll, not the development pitch.

  • Inputs7 blocks
  • Outputs8 metrics
  • CashflowMonthly
  • ScenariosPlanned

What this model does

Office operating operating model, end to end.

Run the office asset across its rent roll. Face rent, incentives, recoveries and re-leasing drive operating NOI, with capex and exit cap rate at the back end.

Calculation flow05 steps
  1. 01

    Asset

    NLA, tenant schedule, WALE and floor occupancy captured.

  2. 02

    Contracted rent

    Face rent, fixed escalation, market review and rent-free applied.

  3. 03

    Recoveries

    Outgoings recovery, management fee and bad debt split out.

  4. 04

    Hold cashflow

    NOI runs across the rent roll, with re-leasing and capex modelled.

  5. 05

    Exit

    Exit cap rate applied to forward NOI; hold-period equity IRR returned.

Schema

Every input. Every output. In one view.

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

Inputs07 blocks
  1. 01

    Asset

    NLATenant countWALEFloor plate
  2. 02

    Contracted rent

    Face rentFixed escalationMarket reviewRent-free
  3. 03

    Recoveries

    Outgoings recoveryManagement feeMarketing levyBad debt
  4. 04

    Operating cost

    OutgoingsManagement feeInsuranceCleaning
  5. 05

    Re-leasing and capex

    DowntimeLetting feeIncentivesCapex reserve
  6. 06

    Hold finance

    Existing debtRefinance yearInterestCoupon
  7. 07

    Hold and exit

    Hold yearsExit cap rateSelling costInflation
Outputs08 metrics
Primary outputAt base case
Operating yield5.8%
MetricValue
  • Year-one NOI$22.4M
  • Exit value$402.0M
  • Effective rent$620 /m²
  • Stabilised vacancy6%
  • Hold-period IRR10.8%
  • Cash-on-cash5.4%
  • WALE5.4 years

Engine logic

Two engines. Scenarios and cashflow.

The two pieces that separate the office operating operating model 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, rent-free and vacancy as scenario levers.

  2. 02

    Re-leasing downtime and letting fee per scenario.

  3. 03

    Capex reserve and refurb cycle per scenario.

  4. 04

    Each scenario carries its own exit cap rate.

Cashflow02 / 02

Monthly cashflow, fully connected

Every input touches the schedule.

  1. 01

    Monthly NOI across the rent roll, with annual aggregation alongside.

  2. 02

    Effective rent steps by escalation, then by market review at clause.

  3. 03

    Recoveries net against outgoings; bad debt and management fee split out.

  4. 04

    Re-leasing downtime, letting fees, incentives and capex at expiry.

Excel replacement

Where the workbook quietly fails.

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

SpreadsheetPopurise model
  • 01Rent roll as a flat lineTenant schedule with expiries as a live input
  • 02Incentives buried in effective rentFace rent, rent-free and incentives kept separate
  • 03Refurb capex assumed awayCapex reserve and refurb cycle as live inputs

Use and verify

What it decides. What to check first.

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

What it decidesUse cases
  1. 01

    Forecast hold NOI

    Face rent, escalation and market review across the rent roll.

  2. 02

    Plan re-leasing

    Downtime, letting fee and incentives at expiry. Hold IRR follows.

  3. 03

    Right-size capex

    Capex reserve and refurb cycle as live inputs. Net NOI reflects the cycle.

  4. 04

    Pressure-test exit cap rate

    Exit cap rate sensitivity. Hold IRR follows.

Pre-flight checklist05 checks

  • Tenant schedule with expiries as a live input.

  • Face rent, escalation, market review and rent-free captured separately.

  • Recoveries, bad debt and management fee split out.

  • Re-leasing downtime, letting fee and incentives at expiry.

  • Capex reserve and refurb cycle as live inputs.

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

Office operating operating model, answered.

How Popurise handles the office operating operating model.

How is this different from the office feasibility model?

Feasibility answers whether to build. Operating answers how the stabilised tower runs across the rent roll.

Does it handle floor-by-floor leasing?

Yes. Tenant schedule and floor occupancy live as inputs. Re-leasing modelled at expiry.

How is capex modelled?

Capex reserve and refurb cycle as live inputs, drawn against the cycle rather than buried in opex.

Can I stress vacancy?

Yes. Stabilised vacancy carries its own stress scenarios.

Shape the office operating model in Popurise.

Tell us how your team runs this asset today. We are building the operating model with the owners and operators who will use it.

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