Opex Per Square Foot Calculator

Opex PSF benchmarks against peers. This calculator computes the ratio and compares to market.

Total opex

Rentable SF

Asset class

Opex PSF

$9.00

Market midpoint PSF

$9.50

Variance vs market

-5.26%

How the math works

Opex PSF = total opex ÷ rentable SF. Benchmark against asset-class midpoint.

Large variances above market flag potential audit or bid-out opportunity. Variance below market is usually a reporting or scope gap — verify all categories are included.

How to Use

Enter total operating expenses.
Enter total rentable SF.
Select asset class.
Read opex PSF vs market.

Frequently Asked Questions

Market benchmarks?

Class A office $10-18/sf. Class B office $7-12/sf. Industrial $2-4/sf. Retail $5-10/sf. Multifamily $6-10/sf (excluding utilities). Varies by region and age.

Included vs excluded?

Standard opex: taxes, insurance, utilities, maintenance, management, landscaping, security, cleaning. Excluded: debt service, capex, reserves, leasing commissions, TI/LC. Be consistent in comparisons.

Reducing opex?

Largest items: taxes (appeal if over-assessed), utilities (audit contracts, upgrade lighting), insurance (broker shop). Each 5% reduction = meaningful NOI uplift and cap-rate expansion in sale.

How often should I rerun this?

Rerun this calculator whenever inputs change materially — new rent roll data, rate moves, loan balance updates, or quarterly operating data. For active deals, monthly refresh is typical. For stabilized assets under monitoring, quarterly is fine. Treat the output as a decision tool, not a one-time answer — market conditions evolve and so should your analysis.