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Anchor Replacement Rent Gap Calculator
Legacy anchor rent rarely matches replacement.
Net value impact
-$3,326,667
Rent gap value loss
$1,600,000
TI + downtime cost
$1,726,667
How the math works
Gap = legacy − replacement. Rent gap value = gap × SF / cap. TI + downtime add to loss. Sum negative for total impact.
40k SF × $3 gap = $120k/yr. At 7.5% = $1.6M rent gap value. $1.4M TI + $327k downtime = $1.73M. Total −$3.3M value impact.
How to Use
- Enter anchor SF.
- Enter legacy anchor rent PSF.
- Enter market replacement rent PSF.
- Enter replacement TI PSF.
- Enter downtime months.
- Enter cap rate %.
- Read net value impact.
Frequently Asked Questions
Why is there a gap?
Legacy anchor leases (often 25-30 years old) were signed at below-market rates with escalators. Market rate for new anchor is usually 40-80% of the legacy rate because big-box fundamentals have weakened. Gap = structural loss.
Replacement strategies?
Like-for-like replacement: hardest; anchor space is commoditized. Split/subdivide: 2-4 smaller tenants at higher aggregate PSF. Non-traditional: fitness, medical, experiential. Redevelopment: demolish for mixed-use. Each carries different cost and value.
Value impact?
Rent gap × SF / cap rate = headline loss. Plus TI to re-tenant, downtime rent loss, cotenancy trigger damage. A $4/SF gap on 40,000 SF at 7% cap = $2.3M value loss plus $1-2M re-tenanting cost = $3-4M total — often 20%+ of center value.
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