Commercial Lease Analysis
Two lease offers rarely look alike. This puts them side by side in today's dollars.
- Type
- Excel model
- Version
- v0.5
- Updated
- Feb 2026
- Stage
- Lease, hold and sell
- File
- Excel workbook (.xlsx), 733 KB
- Works in
- Microsoft Excel 2013 or newer, desktop
What it answers
- Which of two lease proposals is worth more?
- What does free rent or a larger improvement allowance really cost?
- What will this lease pay, or cost, each month?
What goes in
- Start date and term
- Rent and increases
- Free rent
- Improvement allowance and commissions
- Expense structure
What comes out
- Monthly lease cash flow
- Present value of each proposal
- Effective rent
How we use it
We send it to a tenant's broker with our proposal, so both sides are looking at the same numbers.
Before you open it
- Use the desktop version of Excel. Excel for the web and other spreadsheet apps cannot run the parts of a model that use macros.
- On Windows, Excel blocks macros in any file downloaded from the internet and shows a red bar. Close the file, right-click it, choose Properties, tick Unblock and press OK, then open it again. If it came inside a zip, unblock the zip before you extract it.
- Read the Version tab first. It records the model's history and its authors. Leave it in place, unchanged, if you share the file.
Use and sharing
Free to use, adapt and share with anyone, as long as it stays free and its Version tab and credits stay in the file. Provided as is, for education. It is not investment, legal or tax advice, not an appraisal, and not an offer of any security. Any project figures in it are illustrative. Full terms, including credits, are in our Terms of Service.
Commercial-Lease-Analysis-Tool-v0.5.xlsx · SHA-256 c00c1cbb48afeb96fddb14c347241828288a20679efa4d6ee35d0c3a9ab7dae0
Who it is for
Each of these has its own way to work with us.
Where it fits in our work
Often used with
Corporate occupiers & expanding operators
Define a Requirement
A build-to-suit is an operating decision before it is a real estate decision. Tell us what the operation needs and we will take it from site selection through delivery as one accountable party.