Asking vs effective: survey the rent actually paid

1 · Learn the move · Recipe pattern

The rent line in your development model is the number the whole hold rests on, and the easiest place to get it wrong is to type in asking rent. Asking is the sticker. Effective is what the owner keeps after free rent and tenant improvements, and it is the only figure that belongs in a model for a building you will own for fifteen years. Run the survey as a recipe, the same steps every time: restate each comp as quoted, check the lease structure before comparing anything, lay out the effective-rent arithmetic as a setup you compute yourself, and stop wherever an input is missing. The step people skip is the structure check. A gross rent and a net rent are not the same kind of number, and a model asked to 'compare' them will quietly treat them as one. It is a market survey: it reads what the submarket pays. It does not set your rent.

Run this recipe on the comps below, in order. 1: restate each comp as quoted with its source. 2: state each comp's lease structure as quoted, and flag any comp not on the same structure as the rest. 3: for comps with every input, write the effective-rent setup tagged [verify], no final figure. 4: any missing input reads [NEEDS: ...] and blocks that comp's effective rent. 5: a market read from complete, like-for-like comps only. [comps]