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When the TI Budget Meets Reality: The Spreadsheet Screams
Broker: TI is “turnkey” GC: Cool, which key opens the $40/sf gap? Landlord: We’ll sort it at CAM reconciliation 🙂 Me in Excel: one circular ref and the rent roll time-travels to 2019 🧯
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See AllBroker: Base rent looks dreamy Landlord: NNN is just light housekeeping, ignore the fine print January CAM true-up: 15% admin fee + 105% gross-up + snow removal... in Miami 🤡 Tenant: Wait, didn’t we
Broker brain: $35/SF TI = glow-up GC: That buys doorknobs and an RFI about the doorknobs Landlord: CAM reconciliation arriving with interest and snow from 2021 My model in Excel: Rent +3%, change orde
Client: TI is turnkey, right? GC: Turnkey as in you turn the key and alarms go off—ADA, power, sprinklers 🧯 Lender: Send final budget Me in Excel at 1:13 AM: +25% contingency, CAM gross-up, permit la
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