/Real Estate & Hospitality
Offices agent · Live
Investor pack →
Office IRR · investor analysis

Two strategies, one asset.
Underwrite both before you commit.

Context-aware to your inputs · ⚠ Add your API key to enable
5–10 minFirst-pass underwrite
6 countriesIE · DE · GR · PT · CH · AE
A vs BIRR + NAV side-by-side
Multi-page PDFIC-ready report
Local-onlyNo data leaves your browser

Guided setup walks you through every input. The Office IRR Analysis is the full multi-page PDF; Market Study is a separate broker-data annex. Saved simulations live in your browser only — export the JSON to share or back up.

Executive summary for IC papers

2–3 paragraph narrative · embedded into the Office IRR Analysis PDF preface in place of the auto-generated text.

No executive summary yet. Click Auto-generate from model to build a 2–3 paragraph narrative from your current inputs (IRRs, country, hold, headline rent, occupancy …), or Write / edit to draft your own.
!
Important · Read first This is an illustrative model, not investment advice. All figures are scenario-driven. Real-world office returns depend on tenant covenant, asset specification, location, planning regime, capex profile and the precise structure of the operator agreement. Tax classification (passive vs trading) is determined by your local tax authority based on facts and circumstances — do not assume the trading rate without specialist advice. Engage a qualified accountant in the country where the asset is held before underwriting.

Inputs

The asset & the deal

Pick your country, then size the asset. Sensible Dublin defaults load — override any field.

Saved buildings stored in your browser, this device only
No saved buildings yet. Click Save current to bookmark this one.
1 Building basics One set of inputs that applies to the whole building.
▲ Country — tax & rules adjust
Ireland default. Trading-vs-passive corporate tax is the largest IRR lever in this model.
▲ Data room — upload deal documents to analyse

Drop deal documents here — Excel, CSV, PDF and Word (.docx) are auto-analysed on upload and the calculator inputs populate immediately. Recognised figures: NIA · GIA · asset value / NBV · passing rent · cap rate / yield · flex rate (€/m²/month or €/desk/month) · occupancy · capex per m² · address · owner. Live outputs refresh as soon as fields populate.

Excel / CSV: per-row OPEX or tenancy schedules · PDF: scanned IM, valuation, lease · Word (.docx): IM narrative, valuation report — the agent extracts area, value, rent, occupancy, capex and yield figures. Legacy .doc binary isn't supported — save as .docx first.
No files uploaded yet.
Reads every uploaded file, aggregates findings across documents, and auto-populates the calculator inputs with the most credible value per field.

Asset identification

Used as the title throughout the Office IRR Analysis.
Reports are addressed to this name on the cover and footer.
Drives the Market Study annex. Pick ‘Other’ if your asset is in a sub-market not yet covered.
Free text — appears on the title page only.
→ Open on Google Maps · address is embedded into the PDF cover.
☎ Contact Printed on the PDF cover-page contact card alongside owner & date.
Person to reach about this analysis.
Direct line printed under the name.
Email shown on the cover and in the PDF footer.
JPG/PNG. Embedded into the PDF Analysis cover and asset summary. Stays local to your browser.

Whole building — areas & value

Total gross internal area of the entire building (all floors, lobbies, plant, common parts).
Total lettable area of the entire building. Income-producing basis. —
Acquisition cost or current valuation of the entire building. The flex portion's value is allocated pro-rata by NIA below.

Area under analysis — flex deployment

Floor area allocated to flex. Typically one or two floors of the building.
Net lettable area of the flex deployment. Drives revenue and value allocation. —
— sqft equivalent · — % efficiency
Step-by-step allocation
1. Share by NIA: Flex NIA 0 m² ÷ Building NIA 0 m² = —
2. Share by GIA: Flex GIA 0 m² ÷ Building GIA 0 m² = —
3. Allocated flex value: Building €0 × — (NIA share) = €0
All yields and IRR below are calculated on this allocated value.
Existing tenancy not affected by the strategy decision (e.g. ground floor).
Stabilised yield used to imply NAV uplift.
Years modelled in the year-by-year section below.
Annual NAV growth applied on top of yield-based capitalisation.

Strategy ATraditional long-term lease

Asking rent. €/sqft is the Irish convention; €/sqm shown alongside.
Stabilised occupancy on traditional terms (sub-letting risk).
Marketing → HoT → fit-out → first rent. 18m typical Dublin Grade A.
Concession to anchor tenant on signature.
Rates, service charge, energy, security paid by investor during void.
Cost to bring the demise to category-A fit-out. €400–€800/m² is typical for grade-A offices.
Standard practice: rent-free covers up to 12 months of rent value; anything above is investor contribution — unless the tenant absorbs it.
—

Strategy BFlex office (MA + 50% profit share)

All flex rates are monthly. Annual = rate × 12 × occupancy. Traditional headline rent is annual €/sqft (Irish convention) — easy to mix up.
€/m²/month ACTIVE
€/m²/month all-inclusive. Annual = rate × 12 × occupancy.
€/desk/month ACTIVE
€/desk/month all-inclusive. Multiplied by desk count, not area.
Modelling at €0 / m² / month —
8 m²/desk = high density · 10 m² = mid · 12 m² = base.
In Density mode, this field tracks NIA ÷ density automatically. Switch to Direct desk count mode to override with a custom number.
▲ 0 desks · €0/sqm/mo · annual gross —
Dublin 2 market average sits at 90%+ across Grade A flex.
First-floor live month 3 → 95% by month 24.
Advanced — deal terms & opex
% of gross flex revenue. Workways MA standard: 15%.
Markup on operating costs. Workways MA standard: 10%.
Business rates / property tax / ENFIA / IMI. Dublin commercial rates: ~€28/m². Look up council rate →
Common parts, building insurance, lift/HVAC servicing. Dublin Grade A: ~€97/m².
Energy, cleaning, security, M&E maintenance, site staff. Dublin flex: ~€59/m².
Meeting-room sales, parking, printing, F&B billed on top of flex rent. Used when input mode = € amount. —
Typical flex range 8–15% of total revenue. Used when input mode = % of revenue. —
▲ Total opex: €0/m²/yr · annual —
Operator's share above the minimum IRR threshold.
Hurdle applies to flex-generated income only — calculated as this % × the flex-allocated value. The base / anchor rent (passive income from the existing tenant in the non-flex portion) is excluded since it's outside the operator's control. Profit split kicks in only on operator-generated surplus above the hurdle.

Strategy B — capex piece (landlord-funded)

Under the flex / management agreement structure the landlord funds the Y0 fit-out. You can drive that figure manually with a €/m² rate, or pull the all-in cost straight from the linked Retrofit Cost calculator for this same building.

When set to From Retrofit calculator, the Y0 capex is the all-in cost computed in the retrofit tool for this building (× the optional PM fee). The €/m² rate and basis selector below are bypassed.
—
Single applied rate for the flex fit-out. FF&E + IT + works. Capitalised at Y0; not in opex.
Operator project-management fee on the works cost. Applied to both manual and retrofit-linked capex. 0% = investor self-manages.
Only used when Manual rate is selected. Flex NIA matches the area used elsewhere on this page. GIA basis is closer to construction-cost convention; whole-building basis underwrites a full reposition.
▲ Strategy B Y0 landlord capex
€0
Flows into Y0 cashflow alongside NBV.
Optional manual addition to traditional-lease Y0 capex (over and above the rent-inducement / tenant-fit-out reconciliation modelled above).

Output · live

▲ Investor net (stabilised) €0 —
Delta vs traditional +€0 —

Side-by-side P&L · stabilised year

Strategy ATraditional lease
Strategy BFlex · MA + 50% PS

Year-1 effective income (with void drag)

Traditional has 18 months of zero income + 12 months rent-free during the typical letting cycle. Flex earns from month 3.

Traditional · Year 1 effective
€0
—
Flex · Year 1 effective
€0
—
Y1 income gap (Flex − Trad)
€0
First-year cash gap

Yield & implied NAV

Stabilised yield · traditional
—
Investor net ÷ NBV
Stabilised yield · flex
—
After 50% profit-share
Implied NAV · traditional
—
vs NBV
Implied NAV · flex
—
vs NBV
Year-by-year evolution — income, NAV, IRR over hold period

Annual cash flow for each strategy over the hold period set above. Traditional ramps once the void + rent-free clear; flex ramps linearly from fit-out (month 3) to stabilised occupancy over the months you set. NAV at end of year n is capitalised at the exit yield using that year's run-rate, plus annual capital appreciation. Cumulative net cash + appreciation gives the ‘total return’ column.

Mirrors “Void months” above. 18m typical Dublin Grade A; faster in tight markets.
Mirrors “Ramp to stabilised” above. Default 24m Dublin 2.

Year-by-year — both strategies

Year
Trad
Net cash
Trad
NAV (cum)
Flex
Net cash
Flex
NAV (cum)

Hold-period summary

Trad · cumulative cash
—
over hold period
Flex · cumulative cash
—
over hold period
Trad · IRR (cash + NAV)
—
geometric, post-tax
Flex · IRR (cash + NAV)
—
geometric, post-tax
Investor cashflow & charts (incl. capex year 0)

Full investor cashflow: capex Y0, operating Y1–N, exit at end of Y N. IRR re-derived. Charts below. Capex inputs are configured in the left panel under deal terms.

Net cash by year

NAV trajectory

Cashflow timeline

Year
Trad
Net cash
Flex
Net cash
Trad total return
—
cum. cash + exit − NBV − capex
Flex total return
—
cum. cash + exit − NBV − capex
Trad IRR (incl. capex)
—
money-weighted
Flex IRR (incl. capex)
—
money-weighted