Broker Opinion of Value · Office

Free Office Broker Opinion of Value (BOV) Template: PowerPoint, Google Slides & AI

An office broker opinion of value laid out for the owner: price estimate first, then the comps and income that support it, using the method that fits office property.

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What makes an office BOV different

Office value turns on the lease roll. A buyer prices each tenant's term, expiring rent versus market and the cost to re-lease, so the document leads with the tenant roster, WALT and a rollover schedule with TI and commission costs.

That is why this template does not reuse a generic deck. The questions owners ask first about office property are specific, and the document should answer them without being asked:

• How much does my vacancy and my upcoming lease expirations lower the value?
• What cap rate did you use and why?
• How do you treat leases that expire in the next two years?

The metrics owners look for

The summary page of this office BOV is built around six numbers. Show only the ones you can support with a source or a calculation.

• Price per SF
• In-place cap rate
• Occupancy
• WALT
• Average rent per SF
• TI/LC reserve

The property-data table beside them covers: rentable building area (sf), floors and floor plate size, year built / renovated, parking ratio, building class, expense structure (full service / nnn).

The office-specific pages

Tenant Roster and Lease Summary

Columns: Tenant, Suite, SF, % of building, Rent per SF, Lease start, Lease end, Options. State the as-of date and where the figures come from.

Lease Rollover Schedule

Columns: Year, SF expiring, % of building, Expiring rent per SF, Market rent per SF, TI/LC allowance. Cite documents, not memory.

Comparables

Sale comps use these columns: Building SF, Year built, Sale price, Price per SF, Cap rate, Occupancy at sale, WALT. Rent or rate comps use: Property, Class, Suite size, Asking rent per SF, Expense basis, TI package.

How an office BOV is supported

Income approach built tenant by tenant with a rollover schedule and TI/LC costs, cross-checked with price per SF and occupancy-adjusted comps; WALT and expiring rent versus market drive the cap rate.

A broker opinion of value is not an appraisal and is not a substitute for one where an appraisal is required. The template says so on the summary page.

Back it up: documents to have ready

An office BOV is only as credible as the documents behind it. Collect these before you publish figures.

Leases

• All leases, amendments and commencement letters: Leases, not the rent roll, are the source of truth
• Tenant estoppel certificates and SNDAs: Confirms terms and lender requirements

Operations

• CAM and operating expense reconciliations, last 3 years: Tests recoveries and base-year or stop calculations
• Tenant improvement and leasing commission obligations schedule: Sizes outstanding capital owed
• Parking agreements and signage rights: Often negotiated per tenant

Physical

• HVAC, elevator and roof service records: Office buildings carry large systems risk

Compliance

• ADA and life-safety inspection reports: Identifies required upgrades

Leasing

• Broker commission agreements: Unpaid commissions can run with the property

Common office mistakes

• Quoting rent per SF without saying full service or NNN
• Omitting TI/LC and downtime from rollover
• Presenting occupancy without lease expirations
• Counting signed-but-not-commenced leases as in place

Market data

The market page has rows for: submarket vacancy, average asking rent per sf, net absorption (12 mo), sublease availability, space under construction, office-using employment. Put the source and the date next to each one.

Use it with AI: Claude, ChatGPT, Gemini

Paste your deal facts and get a draft office BOV in this structure. The prompt uses only the facts you give it and marks gaps as [TBD].

You are a commercial real estate marketing analyst helping a broker draft an Office Broker Opinion of Value (Office BOV).

Draft the Office BOV in the structure below. Use ONLY the facts I give you. Where a fact is missing, write [TBD: what is needed] instead of guessing.

STRUCTURE
1. Executive Summary: Price Estimate
   - Concluded value, low, high, effective date: [ ]
   - Price per SF: [ ]
   - In-place cap rate: [ ]
   - Occupancy: [ ]
   - WALT: [ ]
   - Average rent per SF: [ ]
   - TI/LC reserve: [ ]
2. Property Overview and Photos
   - Rentable building area (SF): [ ]
   - Floors and floor plate size: [ ]
   - Year built / renovated: [ ]
   - Parking ratio: [ ]
   - Building class: [ ]
   - Expense structure (full service / NNN): [ ]
3. Tenant Roster and Lease Summary
   - Tenant: [ ]
   - Suite: [ ]
   - SF: [ ]
   - % of building: [ ]
   - Rent per SF: [ ]
   - Lease start: [ ]
   - Lease end: [ ]
   - Options: [ ]
4. Sale Comps Summary and Detailed
   - Columns: Building SF, Year built, Sale price, Price per SF, Cap rate, Occupancy at sale, WALT
5. Rent Comps Summary
   - Columns: Property, Class, Suite size, Asking rent per SF, Expense basis, TI package
6. Income and Expenses
   - Current and proforma: [source and period]
7. Valuation Approach and Reconciliation
   - Method: Income approach built tenant by tenant with a rollover schedule and TI/LC costs, cross-checked with price per SF and occupancy-adjusted comps; WALT and expiring rent versus market drive the cap rate.
   - Weights and range: [ ]
8. Market Overview
   - Submarket vacancy: [Value; source and date]
   - Average asking rent per SF: [Value; source and date]
   - Net absorption (12 mo): [Value; source and date]
   - Sublease availability: [Value; source and date]
   - Space under construction: [Value; source and date]
   - Office-using employment: [Value; source and date]

RULES
- Use only facts the user supplied. Never invent property data, tenants, statistics, comps or quotes.
- If a fact is missing, write [TBD: what is needed] in its place.
- Every market statistic needs its source and date as given by the user; otherwise mark it [TBD: source and date].
- Show arithmetic for any figure you derive and flag it as calculated.
- Write in plain, factual US English. Avoid unsupported superlatives.
- Avoid this office mistake: quoting rent per sf without saying full service or nnn.
- Avoid this office mistake: omitting ti/lc and downtime from rollover.
- Avoid this office mistake: presenting occupancy without lease expirations.
- Avoid this office mistake: counting signed-but-not-commenced leases as in place.
- Apply only the adjustments and cap rates the user supplies; if none are given, ask.
- State that a BOV is not an appraisal and is not a substitute for one where an appraisal is required.
- Leave confidentiality and disclaimer text as [Insert the brokerage's counsel-approved language].

BEFORE YOU DRAFT
If essential facts are missing, ask me up to 8 short questions first, then draft once I answer.
If I say "just draft it", draft now and list every [TBD] at the end.

OUTPUT
Return the Office BOV as clean Markdown, one heading per section above, followed by a checklist of every [TBD] item and every number I should double-check against source documents.

MY DEAL FACTS
[Paste property details, financials, rent roll, comps, market notes and anything else here.]

Fill it from a real deal

With the IntellCRE MCP connector, your assistant can pull the property, its unit mix and rents, and its selected comps from IntellCRE before it drafts. Or let IntellCRE build the document from your deal files: try IntellCRE, free to start.

Frequently asked questions

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