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Re-Tenanting Cost Calculator

Re-tenanting includes more than TI and brokerage. This calculator stacks all costs including legal, marketing, and capex.

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Total re-tenanting cost

$549,000

Cost per SF

$69

Payback years

2.3

How the math works

Total = TI + free rent + brokerage + legal + capex. Each adds real cash outflow.

Budget 12-18 months of forward rent as all-in re-tenant cost for average commercial space. Anchor retenanting often exceeds 24 months of rent — plan capital structure to absorb.

How to Use

  1. Enter SF.
  2. Enter TI / SF.
  3. Enter free rent months.
  4. Enter monthly rent.
  5. Enter brokerage %.
  6. Enter legal/marketing.
  7. Enter capex.
  8. Read total.

Frequently Asked Questions

Hidden costs?

Marketing ($10-40k), legal for lease negotiation ($5-30k), demising walls, HVAC modification, ADA upgrades. These add 10-20% to obvious TI+brokerage.

Downtime cost?

Every month of vacancy = rent loss. 6 months of $40k rent = $240k. Add this to gross re-tenanting exposure in underwriting.

Efficient approach?

Start marketing 6+ months before expiration. Pre-qualify tenants. Share costs where possible. Standardize TI packages for inline spaces.

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.

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