ARGUS - Office - Single-Tenant Building, Multiple Floors

Hi, if I have a single-tenant building with five floors (Leases 25,000 sf per floor totaling 125,000 sf) but I expect the tenant to "give back" some space at the end of their lease term, how should I go about modeling this? Currently I have the spaces split up between 25,000 sf each. Each lease term is the same and the rent/sf is the same.

 

Thanks this helped a lot. Would you go with a similar strategy to handle subleasing? The single tenant is subletting multiple spaces/subdividing multiple floors. The sublet space lease expirations all occur before the official tenant's lease expiration.

 

Why would that affect your Argus? You still have an in-place lease with your tenant correct? Subleasing should effect the LXD.

Generally speaking though this is the best way to subdivide any larger suite into smaller ones.

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I'm assuming that some of the sublet space will execute leases at the end of the lessor's term so I wanted lower TIs for these units. I ended up using reabsorb and I think it turned out correctly.

 

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