Office Real Estate: Class A to Coworking, Post-COVID Reality
- 9 Sections
- 40 Lessons
- 40 Quizzes
The Office Landscape, Types, Classes, and Locations
- Lesson 1.1: What Makes a Building an "Office"
- Quiz 1.1: What Makes a Building an "Office"
- Lesson 1.2: The Class System, A, B, and C
- Quiz 1.2: The Class System, A, B, and C
- Lesson 1.3: CBD vs. Suburban Office
- Quiz 1.3: CBD vs. Suburban Office
- Lesson 1.4: Garden Office, Medical Office, and Flex/R&D
- Quiz 1.4: Garden Office, Medical Office, and Flex/R&D
- Lesson 1.5: How Office Is Measured, RSF, USF, and the Load Factor
- Quiz 1.5: How Office Is Measured, RSF, USF, and the Load Factor
Post-COVID Office Dynamics, What Actually Changed
- Lesson 2.1: The Demand Shock, What Happened and Why
- Quiz 2.1: The Demand Shock, What Happened and Why
- Lesson 2.2: Flight to Quality, Why Class A Is Winning
- Quiz 2.2: Flight to Quality, Why Class A Is Winning
- Lesson 2.3: The Remote Work Geography Shift
- Quiz 2.3: The Remote Work Geography Shift
- Lesson 2.4: Return-to-Office, What the Data Shows
- Quiz 2.4: Return-to-Office, What the Data Shows
- Lesson 2.5: What Resilient Office Looks Like
- Quiz 2.5: What Resilient Office Looks Like
Office Leasing Mechanics
- Lesson 3.1: The Full-Service Gross Lease, How It Works
- Quiz 3.1: The Full-Service Gross Lease, How It Works
- Lesson 3.2: Base Year Expense Stops, The Landlord's Inflation Hedge
- Quiz 3.2: Base Year Expense Stops, The Landlord's Inflation Hedge
- Lesson 3.3: Rent Per Square Foot, Reading the Rent Schedule
- Quiz 3.3: Rent Per Square Foot, Reading the Rent Schedule
- Lesson 3.4: Free Rent, Concessions, and True Lease Economics
- Quiz 3.4: Free Rent, Concessions, and True Lease Economics
- Lesson 3.5: Modified Gross and Hybrid Lease Structures
- Quiz 3.5: Modified Gross and Hybrid Lease Structures
Tenant Improvement Allowances and Build-Out Economics
- Lesson 4.1: What Is a TI Allowance?
- Quiz 4.1: What Is a TI Allowance?
- Lesson 4.2: Build-Out Costs and the Work Letter
- Quiz 4.2: Build-Out Costs and the Work Letter
- Lesson 4.3: Free Rent as a Financing Mechanism
- Quiz 4.3: Free Rent as a Financing Mechanism
- Lesson 4.4: TI Obligations in Underwriting, The Hidden Capital Cost
- Quiz 4.4: TI Obligations in Underwriting, The Hidden Capital Cost
- Lesson 4.5: Leasing Commissions and Total Leasing Cost
- Quiz 4.5: Leasing Commissions and Total Leasing Cost
Office Underwriting, From Rent Roll to Cap Rate
- Lesson 5.1: The Rent Roll, The Foundation of Every Office Analysis
- Quiz 5.1: The Rent Roll, The Foundation of Every Office Analysis
- Lesson 5.2: NOI, The Number Everything Is Built On
- Quiz 5.2: NOI, The Number Everything Is Built On
- Lesson 5.3: WALT, Measuring Lease Stability
- Quiz 5.3: WALT, Measuring Lease Stability
- Lesson 5.4: Rollover Risk and Tenant Concentration
- Quiz 5.4: Rollover Risk and Tenant Concentration
- Lesson 5.5: Office Cap Rates, Where We Are and Why
- Quiz 5.5: Office Cap Rates, Where We Are and Why
Coworking and Flex Office, Opportunity and Risk
- Lesson 6.1: What Coworking Is and How It Works
- Quiz 6.1: What Coworking Is and How It Works
- Lesson 6.2: The WeWork Effect, What the Collapse Taught the Industry
- Quiz 6.2: The WeWork Effect, What the Collapse Taught the Industry
- Lesson 6.3: Flex as a Percentage of Portfolio, The Right Balance
- Quiz 6.3: Flex as a Percentage of Portfolio, The Right Balance
- Lesson 6.4: Life Sciences Flex and R&D Office, The Exception That Proves the Rule
- Quiz 6.4: Life Sciences Flex and R&D Office, The Exception That Proves the Rule
- Lesson 6.5: Underwriting a Coworking Tenant, Due Diligence Checklist
- Quiz 6.5: Underwriting a Coworking Tenant, Due Diligence Checklist
Distressed Office and Conversion Plays
- Lesson 7.1: What Is Actually Broken, Identifying Structural Distress
- Quiz 7.1: What Is Actually Broken, Identifying Structural Distress
- Lesson 7.2: What Is Resilient, Buying Office That Works
- Quiz 7.2: What Is Resilient, Buying Office That Works
- Lesson 7.3: Office-to-Residential Conversion, The Thesis
- Quiz 7.3: Office-to-Residential Conversion, The Thesis
- Lesson 7.4: Conversion Feasibility, The Three Physical Tests
- Quiz 7.4: Conversion Feasibility, The Three Physical Tests
- Lesson 7.5: The Distressed Office Investment Framework
- Quiz 7.5: The Distressed Office Investment Framework
Capstone, Suburban Class B Office Analysis
- Lesson 8.1: Capstone Setup, Meet the Building
- Quiz 8.1: Capstone Setup, Meet the Building
- Lesson 8.2: Capstone Analysis, Rent Roll, WALT, and Rollover
- Quiz 8.2: Capstone Analysis, Rent Roll, WALT, and Rollover
- Lesson 8.3: Capstone Decision, TI Budget and Downside Modeling
- Quiz 8.3: Capstone Decision, TI Budget and Downside Modeling
- Lesson 8.4: The Pro Lens, How an Experienced Investor Sees This Deal
- Quiz 8.4: The Pro Lens, How an Experienced Investor Sees This Deal
- Lesson 8.q: Module 8 Review Quiz
Final Exam
Fear and opportunity sit on top of each other here. Read post-2020 office for what it is, not what the headlines say.
You cover the classes and locations, what changed after COVID, leasing mechanics, tenant improvement economics, and underwriting from rent roll to cap rate. Coworking, flex, and conversion plays each get a module.
Eight modules, 40 written lessons, 147 practice questions, and a graded final exam with a certificate. The capstone analyzes a suburban Class B office. Self-paced, lifetime access.
Underwrite the asset class everyone else is afraid of.
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