Narrative1's Commercial Lease page allows you to automatically calculate a parcel's summarized $ per SF in a monthly and yearly range based upon the effective rent of each parcel's individual tenants and lessees.
The page also allows you to view a property's tenant or lessee information, displaying the unit's size alongside the effective price per square foot in a monthly and yearly projection.
Click the Instance Select drop-down menu to select the instance you'd like to edit.
Note: A checkmark icon next to an instance denotes that the instance is “Active.” A table icon denotes that the instance will be utilized for Excel usage.
Edit the instance name by editing the Survey Date and/or the Instance Type. Users can choose the following Instance Types: Actual and Appraisal.
The Actual Instance Type can be used for capturing actual rent roll data.
The Appraisal Instance Type can be used for capturing hypothetical rent data or a smaller selection of unit leases. As an example, a Property has 100 leases that are captured in an instance. The user could create a copy of that instance and delete any leases that were extraneous for the purposes of their report. This would allow the user to display a limited number of leases on their comp sheets.
Click the Create button to open a pop-up with options to create a new instance. You will be able to enter a Survey Date and define an Instance Type. Note that this new instance will automatically become the “Active” instance. The Active instance of Comm Lease data will be used to derive calculations. Regardless of which instance the user chooses to pull into Excel, the active instance will stay the same until a new instance is created or copied.
Click the Copy button to open a pop-up with options to copy an existing instance.
You will be able to define Survey Date and Instance Type, but the values will be a copy of those in the currently-selected instance record.
Click the Delete button to delete the currently-selected instance. A pop-up will request confirmation.
Used by Excel
Regardless of whether the instance is “Active” or current, a user can mark whether they want to utilize the instance in their Excel template (for subject import or for use as a comp).
The Active instance Comm Lease data will be used to derive calculations. The active instance data is also what will be available for Property Searches.
The Confidential toggle indicates that the information on this page is sensitive and should be viewed by appropriate personnel only. Flagging a parcel as Confidential does not impact it anywhere beyond this page.
A parcel's Rent Summary is, by default, generated automatically based upon the tenant and lessee entries within Rent Detail.
Eff. $/SF Range
|The lowest tenant/lessee contract $/SF yearly value and the largest in a parcel.|
|The lowest tenant/lessee contract $/SF/Mo. value and the largest in a parcel.|
|The smallest tenant/lessee square footage value and the largest in a parcel.|
By default, a user cannot edit these fields; toggle Override Rent Detail to unlock the fields to allow manual text entry. To revert back to locked, auto-calculating fields, click Refresh Rent Summary.
Use the Commercial Vacancy field to collect Vacancy percentage specific to the instance and in cases of a mixed use property.
Note: Gray shading over a field denotes that it cannot be actively edited; it is an auto-calculated field.
The Anchors and Shadow Anchors fields can be utilized to capture anchor data specific to the property.
To add a new tenant:
Click Add New; a blank row will appear within Rent Detail
Enter the Tenant/Lessee, Size (Square Footage), Start Date, Expire Date and either the Eff.$/Year or Eff. $/Mo.; typing into either of these fields will cause the other to auto-calculate as well as the per SF derivatives.
- There are additional fields you may wish to capture for the tenant such as Transaction Type and/or Percent Office. To add these fields, click the columns chooser button to add, remove and reorder the fields.
|Note: When creating a new Tenant/Lessee, ensure a name is always entered. Forgetting to do so will prevent data from syncing with your Appraisal.xlsm file.|
To delete a tenant:
Toggle the checkbox beside the desired tenant(s)
Click Delete Selected
For dollar amount values, you may enter a value with a maximum of four decimals places (i.e. $12.2011).
To adjust the ordering of tenants:
1. Select the tenant you wish to reorder and drag and drop
2. Select the tenant you wish to reorder and use the 'Move Selection Up' and 'Move Selection Down' buttons
Modifying the Rent Detail
It is possible to customize the view of the Rent Detail table by reordering or hiding columns, or by clicking upon a column to sort by that column's value in alphabetical or reverse-alphabetical order.
|Note: Any modification's made here will affect the default user settings for all users within your organization's database.|
To reorder a column, simply click and drag a column to a new position in the header row. This action can also be completed by accessing the Columns Chooser interface.
To sort alphabetically by a column, simply click on a desired column; click again to reverse the effect.
Columns Chooser will allow you to show or hide certain columns within the Rent Detail table.
In the Select Columns window, labels in the leftmost column are currently active within Rent Detail. To hide a column, double-click it's label in the left-most column. To make it reappear, double-click it's label in the right-most column. Add All will display all columns, and Remove All will hide all columns.
Note: You must double-click a value for it to be shown or hidden.
Comm Lease Comments
Comments added to this page should be used to describe the commercial lease status of the property. These comments will be utilized in the comp sheets on the Lease Grid in the excel template.
|Note: Excel Template versions 45.66.5 and above will allow users to import subject lease data from the new Subject Summary worksheet. Export to the database is not supported at this time.|
Save: Click to save all changes made to the instance.
Save and Add Another: Saves the current record and creates a new property record for data entry.
Exporting to Excel
Tenant data within the Commercial Lease page is accessible within the Lease Grid. An Admin may also use the export functionality on the Search pages to receive a flat file of the property information. Data will be pivoted with a Comm 1, Comm 2 prepend.