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Offices IRR — traditional vs flex.

Guided setup walks you through every input. The Office IRR Analysis is the full multi-page PDF; Market Study is a separate broker-data annex.

This tool provides an investor's view of an asset modelled two ways. Strategy A: long-term traditional lease driving the building return and NAV. Strategy B: implementing a flex strategy with an operator for all or part of the building to drive returns and NAV. This tool models the variables in the fiscal and operational context of where the asset is located.

!
Important · Read first This is an illustrative model, not investment advice. All figures are scenario-driven. Real-world office returns depend on tenant covenant, asset specification, location, planning regime, capex profile and the precise structure of the operator agreement. Tax classification (passive vs trading) is determined by your local tax authority based on facts and circumstances — do not assume the trading rate without specialist advice. Engage a qualified accountant in the country where the asset is held before underwriting.

Inputs

The asset & the deal

Pick your country, then size the asset. Sensible Dublin defaults load — override any field.

▲ Country — tax & rules adjust
Ireland default. Trading-vs-passive corporate tax is the largest IRR lever in this model.
▲ Data room — upload deal documents to analyse

Drop the asset brochure, surveys, OPEX budgets, tenancy schedule, building condition reports here. Excel and CSV files are parsed for budget & tenancy data automatically. PDFs are stored for reference (parse manually for now). Mark any file as “use to populate” to apply its data to the inputs.

No files uploaded yet.

Asset identification

Used as the title throughout the Office IRR Analysis.
Reports are addressed to this name on the cover and footer.
Drives the Market Study annex (sub-markets covered: Athens, Dublin, Lisbon, Zurich, Geneva, Dubai).
Free text — appears on the title page only.
→ Open on Google Maps · the address is also embedded into the PDF Analysis.
JPG/PNG. Embedded into the PDF Analysis cover and asset summary. Stays local to your browser.

The asset — area & scope

Partial: model only the flex floors. Whole: the entire asset including retained tenancy areas.
Total floor plate inc. lobbies, plant, common parts.
Lettable area on flex floors. Drives revenue.
— sqft equivalent · — % efficiency
Acquisition cost or current carrying value — basis for IRR.
Flex-only basis is useful for partial-scope IRR calculations.
Existing tenancy not affected by the strategy decision (e.g. ground floor).
Stabilised yield used to imply NAV uplift.
Years modelled in the year-by-year section below.
Annual NAV growth applied on top of yield-based capitalisation.

Strategy ATraditional long-term lease

Asking rent. €/sqft is the Irish convention; €/sqm shown alongside.
Stabilised occupancy on traditional terms (sub-letting risk).
Marketing → HoT → fit-out → first rent. 18m typical Dublin Grade A.
Concession to anchor tenant on signature.
Rates, service charge, energy, security paid by investor during void.
Cost to bring the demise to category-A fit-out. €400–€800/m² is typical for grade-A offices.
Standard practice: rent-free covers up to 12 months of rent value; anything above is investor contribution — unless the tenant absorbs it.
—

Strategy BFlex office (MA + 50% profit share)

All flex rates are monthly. Annual = rate × 12 × occupancy. Traditional headline rent is annual €/sqft (Irish convention) — easy to mix up.
€/sqm/month all-inclusive. Annual = rate × 12.
8 m²/desk = high density · 10 m² = mid · 12 m² = base.
Used when capacity mode = Direct. Overrides density × NIA.
▲ 240 desks · €100/sqm/mo · annual gross —
Dublin 2 market average sits at 90%+ across Grade A flex.
First-floor live month 3 → 95% by month 24.
Advanced — deal terms & opex
% of gross flex revenue. Workways MA standard: 15%.
Markup on operating costs. Workways MA standard: 10%.
Rates + SC + energy + maintenance. 100 LMS Dublin: €184/sqm.
Meeting-room sales, parking, printing, F&B billed on top.
Operator's share above the minimum IRR threshold.
Investor receives 100% up to this; profit split kicks in above.
FF&E + IT + light works. Capitalised, not in opex line.

Output · live

▲ Investor net (stabilised) €0 —
Delta vs traditional +€0 —

Side-by-side P&L · stabilised year

Strategy A
Traditional lease
Strategy B
Flex · MA + 50% PS

Year-1 effective income (with void drag)

Traditional has 18 months of zero income + 12 months rent-free during the typical letting cycle. Flex earns from month 3.

Traditional · Year 1 effective
€0
—
Flex · Year 1 effective
€0
—
Y1 income gap (Flex − Trad)
€0
First-year cash gap

Yield & implied NAV

Stabilised yield · traditional
—
Investor net ÷ NBV
Stabilised yield · flex
—
After 50% profit-share
Implied NAV · traditional
—
vs NBV
Implied NAV · flex
—
vs NBV
Year-by-year evolution — income, NAV, IRR over hold period

Annual cash flow for each strategy over the hold period set above. Traditional ramps once the void + rent-free clear; flex ramps linearly from fit-out (month 3) to stabilised occupancy over the months you set. NAV at end of year n is capitalised at the exit yield using that year's run-rate, plus annual capital appreciation. Cumulative net cash + appreciation gives the ‘total return’ column.

Mirrors “Void months” above. 18m typical Dublin Grade A; faster in tight markets.
Mirrors “Ramp to stabilised” above. Default 24m Dublin 2.

Year-by-year — both strategies

Year
Trad
Net cash
Trad
NAV (cum)
Flex
Net cash
Flex
NAV (cum)

Hold-period summary

Trad · cumulative cash
—
over hold period
Flex · cumulative cash
—
over hold period
Trad · IRR (cash + NAV)
—
geometric, post-tax
Flex · IRR (cash + NAV)
—
geometric, post-tax
Capex — three fit-out levels (editable rates)

Set your own per-sqm rates below — cards recompute live. PM fee on top of works.

Light touch.
Standard fit-out.
Premium.
Operator PM fee.
Low · €300/sqm
—
works + PM fee
Medium · €500/sqm
—
works + PM fee
High · €1,000/sqm
—
works + PM fee
Capex / NBV · medium
—
Medium fit-out as % of NBV
Investor cashflow & charts (incl. capex year 0)

Full investor cashflow: capex Y0, operating Y1–N, exit at end of Y N. IRR re-derived. Charts below.

Net cash by year

NAV trajectory

Cashflow timeline

Year
Trad
Net cash
Flex
Net cash
Trad total return
—
cum. cash + exit − NBV − capex
Flex total return
—
cum. cash + exit − NBV − capex
Trad IRR (incl. capex)
—
money-weighted
Flex IRR (incl. capex)
—
money-weighted
Detailed budget — opex breakdown & Excel upload

Per-line opex breakdown. Defaults from the Workways 100 LMS Dublin 2026 budget. Override any line, or upload Excel/CSV to auto-populate.

First row = headers. Looks for category + amount columns. Each row's amount maps to the matching budget line.

Per-line annual budget

Line item
€/year
€/sqm
Business rates
—
Service charge
—
Energy (electricity + gas)
—
Cleaning & security
—
Maintenance & M&E
—
Site staff & reception
—
Sum · budget total
—
—
Linked to opex above
—
—
How this is calculated. Both strategies share the asset (NIA, NBV, anchor rent, exit yield). Traditional: headline rent × sqft × occupancy − carry-cost drag during void − rent-free concession spread over Y1 → investor net at country passive corporate tax rate. Flex: rate × capacity × occupancy + extras − operator revenue fee − operator-managed opex (cost + 10% FM fee) − corporate tax (trading rate where applicable, otherwise standard) − operator profit share above the minimum IRR threshold. Stabilised year shown; Year-1 effective accounts for void/ramp. Implied NAV uses the exit-yield slider. The year-by-year section above mirrors the same engine month-by-month over the chosen hold period. Capex is excluded from the operating P&L — see the capex section above.