If I have a single occupant property which is decreasing in square footage upon tenant rollover due to re-measurement, how do you reflect this in the Argus model?
I have the option to change the square footage (at a certain date) in input Property -> Description and in Tenant -> Rent Roll.
Do I change the date (t+1) and area on rollover in both locations? Does it sometimes make sense to only change the property area rather than tenant? Let's say the tenant has a significant chance of renewing.
Re-measuring both tenant and property size at t + 1 is the cleanest way to to do it. Realistically (if it’s a multi tenanted building) and during DD you get it re-measured, you’ll increase the in place SF upon roll but the vacant SF is re-measured day 1, since that’s how it would be shown on a marketing brochure.
If tenant has a significant change of renewing, I would not re-measure until true market rollover.
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