Sector Hub · 8 Property Types

Commercial Real Estate Analytics.

Commercial real estate covers office (Class A / B / C), medical office buildings (MOB), flex office, executive suites, coworking, retail (single-tenant net-lease + multi-tenant), shopping centers (neighborhood, community, power, lifestyle, regional mall), and mixed-use developments. Performance is measured in Weighted Average Lease Term (WALT), occupancy, rent per square foot, CAM-recovery accuracy, sales-per-square-foot (retail), tenant rollover risk, and tenant credit. Public REIT comparables include Boston Properties (BXP), Kilroy (KRC), Vornado (VNO), Douglas Emmett (DEI), Cousins (CUZ), Highwoods (HIW), and JBG Smith (JBGS) for office; Healthpeak (DOC) and Healthcare Realty (HR) for MOB; Simon (SPG), Kimco (KIM), Regency (REG), Brixmor (BRX), Federal Realty (FRT), and Macerich (MAC) for retail / mixed-use; and Realty Income (O), National Retail (NNN), and Essential Properties (EPRT) for net-lease retail. Ilora.ai ingests rent rolls, lease abstracts, CAM reconciliation worksheets, T-12 P&Ls, and tenant sales reports — then audits CAM exclusions, models WALT + rollover impact, and benchmarks against REIT comparables.

Property Types: 8
KPIs Tracked: 15
Canonical KPIs: 10
AI Agents: 347

Property Types

8 property types in COMMERCIAL.

Canonical KPIs

10 core KPIs anchor commercial analysis.

NOINet Operating Income: Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.NOI = Revenue − Operating Expenses
Cap RateCapitalization Rate: Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.Cap Rate = NOI ÷ Property Value
DSCRDebt Service Coverage Ratio: Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.DSCR = NOI ÷ Annual Debt Service
OEROperating Expense Ratio: Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).OER = Operating Expenses ÷ Gross Revenue
WALTWeighted Average Lease Term: Average remaining lease term weighted by rent. Higher WALT = lower rollover risk.WALT = Σ(Rent × Years Remaining) ÷ Total Rent
NNNNet Lease: Triple-net lease — tenant pays base rent plus property taxes, insurance, and maintenance separately.
CAMCommon Area Maintenance: Tenant-recoverable expenses for shared building/center upkeep. Often disputed in audits.
TITenant Improvement Allowance: Cash allowance from landlord to tenant for build-out. Amortized over lease term.
RSFRentable Square Foot: Tenant's usable square footage plus a pro-rata share of common areas. The basis for rent calculation.

Common Questions

Frequently asked questions about commercial real estate.

What property types does commercial real estate include?

Office (Class A / B / C), medical office buildings, flex office, executive suites, coworking, retail (STNL + multi-tenant), shopping centers (neighborhood / power / lifestyle / regional mall), and mixed-use developments. Eight property types under the commercial sector.

What is WALT in commercial real estate?

WALT (Weighted Average Lease Term) is the average remaining lease term across a property weighted by rent: WALT = Σ(Annual Rent × Years Remaining) ÷ Total Annual Rent. Higher WALT signals lower near-term rollover risk; investors price WALT premiums for stabilized assets.

How do CAM reconciliations work?

CAM (Common Area Maintenance) reconciliation compares actual landlord-incurred operating expenses against tenant pass-through estimates billed during the year. At year-end the landlord trues up: tenants over-billed get credits, under-billed get true-up invoices. Disputed CAM categories are the most-litigated commercial lease provisions.

Which REITs benchmark commercial real estate?

Office: BXP, KRC, VNO, DEI, CUZ, HIW. MOB: DOC, HR, GMRE, CHCT. Retail: SPG, KIM, REG, BRX, FRT, MAC. Net-lease: O, NNN, EPRT, ADC, STOR. Coworking-adjacent: IWG.L (Regus), Industrious (CBRE).

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