Office Building Pro Forma
Real Estate Excel Template (Free Download)
Turn tenant leases, occupancy, market rents and building expenses into a projected office investment decision view.
professionals from Deloitte
About this pro forma
The underlying Excel model is the engine for rentable area, tenant mix, lease expirations, renewals, re-leasing, market rent and lease-up. Property taxes, utilities, maintenance, management, tenant improvements, leasing commissions and terminal capitalization flow through the forecast.
Use the pro forma to evaluate acquisition pricing, lease-up strategy, tenant credit, refinancing and exit risk. Office landlords, REIT analysts, managers, lenders and investors can compare occupancy and cap-rate scenarios.
What every model includes
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
What's inside the Office Building Pro Forma
- Rentable area and tenant-roll projections
- Lease expiration, renewal and re-leasing outputs
- Occupancy ramp and market-rent growth
- Tenant improvements and leasing commissions
- Property tax, utilities, maintenance and management costs
- NOI, cap-rate valuation, debt coverage and returns
Formatted to IB standards
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with clear input, output, and cross-sheet reference styling - brand-ready, institutional-grade, and fully auditable.
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Frequently asked
What drives office NOI?+
Tenant rent, occupancy, lease rollover, collections and property expenses drive projected NOI.
Can I model lease-up?+
Yes. Vacant space, absorption, renewal and re-leasing assumptions shape the occupancy ramp.
Are tenant costs included?+
Yes. Tenant improvements and leasing commissions are explicit investment and cash-flow drivers.
Who uses the output?+
Office owners, property managers, REIT analysts, lenders and investors use it for underwriting.
Have more financial modelling questions? Contact us
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