Real Estate


The Commercial Real Estate Lease Modeling Master Class

The Complete Step-By-Step Guide To Building Dynamic Commercial Real Estate Lease Models in Microsoft Excel

4.76 (292 reviews)


8 hours


Jun 2021

Last Update
Regular Price

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What you will learn

Learn how to build dynamic, institutional-grade commercial real estate models from scratch incorporating reimbursement structures, rent escalation schedules, re-leasing assumptions, and more

Learn how to replace ARGUS and use Excel to perform the calculations necessary to model commercial leases

Learn how to create institutional, professionally formatted models for retail, office, and industrial deals to present to investors and partners


Want to learn how to model complex commercial real estate leases in Microsoft Excel from scratch, even without ARGUS? 

This course is a complete, step-by-step guide to modeling commercial leases for retail, office, and industrial real estate. This is a project-based course, meaning you'll start with a blank Excel workbook and walk away with a fully-functional, dynamic, commercial lease model that YOU'VE created - from scratch.

By the end of this course, you'll be able to build a dynamic, professional-quality commercial real estate lease model from scratch, and your first one will be done by the time you finish the last lecture.

This course will teach you how to model things like multiple tenant lease terms and expiration dates, complex reimbursement structures, renewal probability and downtime, tenant improvement allowances, leasing commissions, and much, much more. At the end of this course, you will be able to:

  • Build an institutional-quality, dynamic commercial real estate lease model from scratch

  • Learn key Excel shortcuts to double your real estate financial modeling speed

  • Model multiple lease structures and quickly and easily model complex reimbursement structures (NNN, FSG, MG, & BYS)

  • Use renewal probability to accurately drive your future cash flows at a commercial property

  • Build a dynamic lease structure that models irregular rent increases (or decreases) and dynamically changes cash flows with the click of a button

  • Model dynamic leasing commissions on a commercial deal, even if you have different agreements for different periods of a lease

  • Build out percentage rent formulas to model percentage rent payments for retail tenants based on net sales

  • Create easy-to-view annual cash flow roll-ups to quickly review your work and present to investors or colleagues

This course is perfect for you if:

  • You're a college student or graduate student looking to break into real estate investment after graduation, and you're looking to add the key technical skill sets to your arsenal that will put you head and shoulders above the competition and allow you to land a lucrative career opportunity in the field

  • You're a professional in a different field, but looking to buy real estate on the side and want to be able to confidently analyze a commercial deal 

  • You're an existing real estate professional looking to advance your career, increase your compensation, and break into the real estate investment industry.

  • You've bought rental homes or duplexes, and now you're looking to move into bigger commercial properties and want to feel confident in your ability to analyze deals.

Here's what some of our students have had to say:

★★★★★ "Justin really takes a deep dive into crucial concepts that play a huge role in the practical modeling portion of the course. The content is clear and concise, and he makes sure you understand things before moving onto more advanced material. I've taken a few of Justin's courses and every one of them has been indispensable in my REPE analyst intern role."

★★★★★"Brilliant Justin. Each course I do I get more confident and regularly use the skills and formula writing at work. The great think about these courses is that they revolve around the same base. Each time you complete a different course the base knowledge is reinforced and then built upon."

★★★★★"This course I found to be complete in all aspects of Commercial Lease Modeling, combined with Justin's teaching style, really enables me to look at Commercial lease modeling opportunities with a renewed sense of understanding, and confidence."

If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new commercial real estate investment opportunities, enroll now and let's get started building this model together today. Looking forward to having you in the course!


The Commercial Real Estate Lease Modeling Master Class
The Commercial Real Estate Lease Modeling Master Class
The Commercial Real Estate Lease Modeling Master Class
The Commercial Real Estate Lease Modeling Master Class




What We Will Cover - Part I

What We Will Cover - Part II

About Me

A Sneak Peek Into What You'll Build



Commercial Lease Modeling Fundamentals

Commercial Lease Modeling Fundamentals

Expense Reimbursements Exercise

Expense Reimbursements Solution

TI & LC Modeling Exercise

TI & LC Modeling Solution

Rent Escalation Modeling Exercise

Rent Escalation Modeling Solution

Renewal Probability Exercise

Renewal Probability Solution

Percentage Rent Exercise

Percentage Rent Solution

Dynamic Commercial Real Estate Lease Modeling

Pro Forma & Dynamic Cash Flow Modeling

Real Estate Financial Modeling Color Coding Essentials

Part I - Building Out Tenant Leases

Setting Up The Excel File

In-Place Tenant Details & TTS Macros

Modeling Reimbursement Structures

Modeling Reimbursement Structures Part II

Rent Escalation Modeling

Re-Leasing Assumption Modeling

Modeling Leasing Costs

Formatting Tenant Details

Finalizing Tenant Lease Formatting


Part II - Building Out In-Place Lease Cash Flows

Dynamic Monthly & Yearly Cash Flow Modeling

Dynamic Date Modeling

Modeling The In-Place Base Rent

Modeling In-Place Tenant Rent

Building Out The Property Expenses

Dynamic Expense Growth Modeling

In-Place Reimbursement Modeling


Part III - Building Out Re-Leasing Cash Flows

Dynamic Re-Leasing Base Rent Modeling

Weighted Average Downtime Lease Modeling

Modeling Re-Leasing Free Rent

Building Out Re-Leasing Reimbursements - Advanced

Re-Leasing TI & LC Updates

Re-Leasing Tenant Improvements

Re-Leasing Leasing Commissions

Total Net Tenant Reimbursements


Part IV - Percentage Rent & Additional Leases

Building Out Percentage Rent Drivers

Modeling Percentage Rent Cash Flows

Building Out Additional Leases

In-Place Base Rent & Reimbursements Modeling

Additional Leases - Re-Leasing Base Rent, Free Rent, & Reimbursements

Additional Leases - Leasing Costs

Additional Leases - Modeling Percentage Rent

Part V - Building Out The Monthly & Annual Cash Flow Summary

Building Out Vacancy & Credit Loss

Monthly Cash Flow Timing Modeling

Modeling Vacancy & Credit Loss

Other Income & EGR

Expenses, CapEx, NOI & CF Before DS

Monthly Cash Flow Formatting

Building Out The Annual Cash Flows

We're Done!

Part VI - Wrapping Up

How To Use This Information

Wrapping Up

BONUS LECTURE: Udemy Student Bonus

BONUS LECTURE: Udemy Student Bonus


Mitchell29 July 2020

I have recently moved into a commercial property analyst and this course was a great starting point to improve my excel modelling skills and further improve my knowledge of commercial lease analysis.

Marc20 July 2020

This is now my 4th completed class from this instructor. Excellent class, excellent teacher, 100% timely and detailed response rate to Q&A. I honestly feel bad paying 15 bucks for this, it is worth much, much more, believe me. I love a good deal, but I don't like to rip someone off

Yudi9 July 2020

Great course if you are looking the learn/sharpen your knowledge on building a CF to UW commercial properties.

Oleg11 May 2020

I for sure recommend this course. Besides explaining every little detail in terms of financial modeling, Justin shares his tips, tricks, and knowledge about the commercial real estate industry.

Amodh1 May 2020

It is a advanced level course giving good insights of commercial leasing. The Model could be more dynamic for more tenants.

Christian12 February 2020

This course was somewhat more advanced than I thought, which is a great thing!. It's worth every penny. Justin is a great teacher, thanks for sharing your knowledge.!

Barry14 October 2019

Fantastic learning opportunity! Was taught several new concepts and how to successfully model a retail type asset. Highly recommend!

Mei2 October 2019

Very considerate lecturer and hands on experience. It helps me clarify the economics of lease and learn the application of excel functions.

D.10 September 2019

An Excellent Course that every Real Estate Professional or Amateur should have within their arsenal. Justin takes you step by step into the ins and outs of commercial lease modeling. A great resource. Thanks again Justin for sharing your knowledge and expertise with us - especially all the hard work you put into it.

Josh2 August 2019

Amazing class for learning commercial lease modeling and covering all the dynamics of a complicated lease!

Bill9 July 2019

The training is very practical and easy to follow. The foundation I learned helps me pass the Argus Enterprise Certification Exam.

Kris2 June 2019

The course is well laid out and the material is what I expected. My only concern is that it feels as if the instructor is rushing through some of the formulas; making it difficult to follow along without constantly having to pause the videos to catch up.

Patrick28 December 2018

It is really a great learning video for people who are serious about learning financial modelling for commercial properties. Step-by-step guide with patient and detailed explanations were given along the way to build out the complex and highly dynamic model from start to end.

Fred22 December 2018

This course I found to be complete in all aspects of Commercial Lease Modeling, combined with Justin's teaching style, really enables me to look at Commercial lease modeling opportunities with a renewed sense of understanding, and confidence. Thanks Justin.

Leigh4 December 2018

I am excited to master what I have learned from this course. I will then be equipped to model at the highest level in the industry.


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