Table of Contents - Public Services and Procurement Canada



Investment Analysis Report (for Space Projects)<Project Name><Location (if applicable)><Client>National Project Management SystemAnalysis Phase Version: March 2017Prepared by:Date: Lease number:SIGMA project or internal order number:Table of Contents TOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc347737288 \h 21.Problem/Opportunity Definition PAGEREF _Toc347737289 \h 62.Background PAGEREF _Toc347737290 \h 62.1 Project History PAGEREF _Toc347737291 \h 62.2 Building Condition PAGEREF _Toc347737292 \h 72.3 Tenant Considerations PAGEREF _Toc347737293 \h 72.4 Strategic Context PAGEREF _Toc347737294 \h 82.5 Stakeholders PAGEREF _Toc347737295 \h 83.Project Scope PAGEREF _Toc347737296 \h 84.Identification & Analysis of Options PAGEREF _Toc347737297 \h 94.1 Options Considered PAGEREF _Toc347737299 \h 94.2 Non Feasible Options PAGEREF _Toc347737300 \h 94.3 Feasible Options PAGEREF _Toc347737301 \h 94.4 Financial Analysis PAGEREF _Toc347737302 \h 94.5 Analysis of Non-Financial Factors PAGEREF _Toc347737303 \h 114.6 Risk Assessment PAGEREF _Toc347737304 \h 124.7 Conclusions PAGEREF _Toc347737307 \h 125.Strategic Impact PAGEREF _Toc347737308 \h 136.Recommendation PAGEREF _Toc347737309 \h 137.Approval Authority and Funding PAGEREF _Toc347737310 \h 138.Implementation Plan PAGEREF _Toc347737311 \h 149.Project Team & Signatures PAGEREF _Toc347737312 \h 1510.Appendices PAGEREF _Toc347737313 \h 15Appendix 1 – Financial Assumptions Summary Table PAGEREF _Toc347737314 \h 16 [Upon completion of editing, update Table of Contents as follows: Right click on grey area of table, select ‘update field’, choose ‘update entire table’, then press the ‘OK’ button. Page numbers will be automatically updated.]This template serves as a helpful tool for preparing an IAR. It does not replace the “Guide for the Preparation of Investment Analysis Reports”. The template has been approved by National Portfolio Management and the 2009 Guide is currently in the process of being updated. Executive Summary The purpose of the revised Executive Summary is to provide a brief overview of the most essential and relevant information concerning the project for decision-makers. This summary will replace the Integrated Investment Plan (IIP) Project Summary and should be written in a narrative sense, as opposed to using bullet points.Project Description:Instructions:In this section, start with a clear statement of the proposal that is being recommended for approval. This includes the authorities requested (ex: Project Approval [PA]/Expenditure Authority [EA] or amended PA/EA) and a brief definition of the project scope (ex: lease renewal, tender, space assignment, etc.), amount of space (m2) and parking, total project cost (ex: fit-up or base building estimate) and timing (ex: in-service date). The name(s) of the client department(s) must be identified. As an example, use the following wording to begin the statement, as follows:Lease Project Approval The project is seeking Project Approval and Expenditure Authority1 in the amount of [insert amount and indicate amount before taxes] including a fit-up amount2 of [insert amount and indicate amount before taxes] to [indicate purpose]. The in-service date is [insert date], with a lease term certain of [insert number of years] [indicate lease options, if any]. Examples of purpose:If lease tender: to proceed with a lease tender to accommodate employees of [name of Department] at [location] Lease in PSPC’s inventory: to proceed with a lease inventory solution to accommodate the office requirements of [name of Department]In this scenario, there will be no rent included in the PA Other projects (e.g. Crown-owned for base building modifications for space assignments) The project is seeking Project Approval in the amount of [insert amount and indicate amount before taxes] and Expenditure Authority1 (EA) in the amount of [insert amount and indicate amount before taxes], to [indicate purpose]. The in-service date is [insert date], with an Occupancy Instrument (OI) of [insert number of years].Examples of purpose:For accommodation in a Crown-owned inventory building (Base building and/or Fit up works): to fit-up office space and special purpose space to accommodate employees of [name of Department]Note: 1 IARs requesting project approval should also identify the amount of expenditure authority, based on substantive cost estimates.2 For purposes of IIP inclusion, the fit-up amount should be aligned to line C and line D of the cash flow table found under the Approval Authorities and Funding section of the Executive Summary.Project InformationProject Background The purpose of this section is to provide the reader with the necessary background to fully understand the investment situation. Provide brief history of the current project and the rationale for undertaking this project (problem/opportunity statement). This should clearly define what factors or issues are driving the initiation of the project and how the project will address these issues. For all projects, indicate information on current location. Projects may be launched for a number of reasons such as: to meet a client requirement; to maintain or improve an asset; or to take advantage of an opportunity. Make reference to any portfolio planning considerations that may be driving the requirement for the project. If applicable, comment on the urgency of the project (e.g. current condition, if represents health and safety issues, components that are old and obsolete and why the need to replace or repair, etc.).Project scope: [Please ensure project scope is well reflected in Callipers under “Activities covered by PCRA”] Instructions:Summarize and provide a brief description of the project scope and the key requirements that are being addressed in this project. For space-based projects, provide information on new location, new requirements in usable (m2u) and rentable (m2r) square meters and indicate # of FTEs it will accommodate and the utilization rates (m2/FTE). Identify any special purpose space or non-compliant requests, or any other special client requirements. Represents space savings of [insert number] m2u/m2r compared to current space occupied. For a lease, indicate duration of the lease and anticipated occupancy date. For projects involving existing assets (e.g. Crown-owned), ensure to summarize any pertinent information concerning the asset’s condition and performance, including identifying other project requirements related to the asset.For projects requiring moving employees temporarily (swing space to a location), provide information such as where, duration, etc.If the project involves leased accommodation, the method of acquiring the space should be identified. For example, a lease tender call, a direct negotiation acquisition or a lease renewal.Identify any dependencies and impacts (previous project approvals, branches, other projects, contracting, legal, announcements, communications, etc.) that are dependent on the outcomes of this project or whether this project is dependent on the outcomes of another project. [Ensure consistency with Callipers (questions 58 and 59)]Indicate any special issues that need to be brought to the attention of decision-makers. These issues may pertain to risk management, potential political considerations, timing, legal issues, client issues, and issues regarding the department’s sustainable development targets, heritage conservation considerations or areas of public sensitivity with respect to the project. Identify any client concerns to the project and whether the client supports the recommended solution (e.g. client liaison activities). Options considered and a brief description of option selected with justification: Instructions:Identify and list the options that were considered (non-feasible and feasible options) and analyzed. Illustrate the results of the financial analysis in the form of a table showing the PVCOA and the risk-adjusted PVCOA (if calculated) for each feasible option. FeasibleOption 1 (PVCOA $XXM)Option 2 (PVCOA $XXM)Non-feasible Option 3 The selected option should include a concise statement that explains the rationale for selecting the recommended option. The recommendation should be based upon the financial, non-financial and risk factors that contribute to making this the best value approach.As per the TBS-PSPC IIP Protocol, please complete the table (below) and indicate whether Minister Engagement for the project is required.Criteria for Minister Engagement: Yes* ? No ? (check one)Yes/NoNotes #1The project, or others associated to it, is likely to attract negative media coverage.2The project is part of a government-wide initiative.3The project is related to observations from OAG.4The Minister has shown interest or has been briefed on this project or others of a similar nature in the past (e.g. Minister briefings, TB submissions, speeches, etc.).5The project has significant security considerations.6The project is high risk or high dollar value.Note 1:Note 2:* Yes indicates that the Minister may require a briefing on the project as per governance. Approval Authorities and Funding: Instructions:Provide the PCRA rating level with a score of [%] for the project.Identify the appropriate delegated authority required for project approval.Indicate if there is a requirement for a TB Submission for Contracting Authority (ex: LCA) and/or to access new funding (e.g. table below or similar).Table No.ItemAmountApproval AuthorityPA$X,XXXADM, RPSLCA$X,XXXTreasury BoardPCRA/IIPLevel 2RPIBIdentify any expenditures to be incurred by PSPC on behalf of the client for which PSPC will be reimbursed via the RPS Revolving fund (e.g. SPS and/or non-compliant fit-up, and possibly FF&E (if required)) and the client direct costs related to the project that are paid for directly by the client department (e.g. FF&E, IT/IM, cabling). Include a statement of what is being included into PSPC’s project approval (which excludes FF&E costs); Example wording to be used: The project approval includes the PSPC portion of the project (Vote 1 and Vote 5) and the portion recovered via the Revolving Fund. The costs that are directly incurred and funded by [name of Client Department] (FF&E or other direct costs) in the amount of [insert amount and indicate amount before taxes] are the responsibility and the accountability of [name of Client Department]. Therefore, these costs are excluded from the project approval. Clearly indicate that the client agrees with these costs and has confirmed the required funding to pay for them. Has the client(s) provided confirmation of source of funds for both Revolving Fund and client direct costs? State the class of cost estimate for project approval (e.g. indicative or substantive). For projects seeking expenditure authority, it must be stated that substantive cost estimates have been provided.Project cash flows:Provide cash flow by budget year in current dollars for one-time costs (e.g. fit-up/base building) using the IIP table provided below. GST/HST are shown separately. A separate table has been developed to identify the rent payments by fiscal year for information purposes (see below). Fill in yellow cells only and answer whether it is funded (Y/N), others are formulas.Identify the source of funding (e.g. Vote 1, Operating B123, Vote 5 - Capital B141 and/or Fit-up B143) and OGD direct (client) costs. (Note: Non-FFE – OGD reimbursed via Revolving Fund line (table below) refers specifically to fit-up construction costs related to SPS, non-compliant or other special fit-up requirements). Note: Leasing Costs should reflect current dollars and not the amounts used to calculate Project Approval (i.e. present value)Project RisksInstructions:Using the table (below), provide a brief description/risk statement, indicate the risk assessment/risk level, and summarize the mitigation measures to effectively manage those risks. This information should be in line with the risk management plan. Use same terminology as in Risk Management Plan for Risk Statements, Assessment and Response. Identify the key risks associated with the implementation plan for the recommended option. These risks are typically the highest risks identified in the Risk Management Plan. Indicate the risk allowance being requested for project implementation. This would be the sum of residual risk indicated in the Risk Management Plan.Risk Allowance Requested: $ XXXHighest Risk StatementsRisk Assessment Risk ResponseProblem/Opportunity DefinitionGeneral InformationClient requirementOccupancy Expiry DateNew Acquisition DateDeadline to exercise lease option(s) (if applicable)Location of space (address)DriversProgram requirementsCurrent Accommodation not suitable (if applicable)Possible opportunitiesPrevious approvals, decisions or agreements: Real Property Investment Board (RPIB)Regional Investment Management Board decision (RIMB)Treasury Board approvals (TB)Cabinet or Ministerial decisionInterdepartmental agreement Special Involvement of other departmentsNote: This section should not include any indication of the proposed solution. Its purpose is to concentrate on what drives the project.Background2.1 Project HistoryDescription of tenantsShort description of the relevant history of the client occupancy at this location Date when the client first occupied the space Conformance with NPMS NPMS conformance review form in the Appendix2.2 Building ConditionBrief description of buildingAge, area , location, main characteristics, classification of the building, building owner History of occupancy (When did the federal government begin leasing in this building? How was this space acquired initially?) Environmental performance assessment (BOMA BESt, LEED, etc)Overall conditionBuilding Performance Report (Building-related problems and impacts)Recent renovations, refresh projects or tenant service projects, and fit-up conditionAccessibility Report (if not available; must have a confirmation from Property Management on condition, and should include the estimated date that the report will be available)Lease Condition Report (LCR) (if not available; must have a confirmation from Property Management on condition, and should include the estimated date that the report will be available)2.3 Tenant ConsiderationsDescription of tenantsBackground information on tenants Inventory of current occupancies for Client Department Nature of program(s) that may be impacted by this requirementInventory of current occupancies in the regionName or addressClient Occupancy Start DateExpiry DateLease Expiry DateOptions LeftOfficeSPSTotal m2rm2u m2rm2um2rFontaineApr. 1, 2009Dec. 31, 2013Dec. 31, 2022117.6129.2129.2MonclairMay 1, 2010Mar. 31, 2013Apr. 30, 20201,350.11,357.91,357.9Saint-JosephMay 1, 2010Aug. 31, 2014Aug. 31, 20141 X 5Y195.6225.9225.9Vincent MasseyAug. 1, 2011Mar. 31, 2016Jul. 31, 20361,477.02,429.0752.8884.33,313.3Grand Total3,140.34,142.0752.8884.35,026.3Current client(s) occupancies affected by this requirementNote: for Special Purpose Space (SPS) and office, even if they are the same rate, they should always be shown separatelyClientLease NoOIFundingType of SpaceFTEsm2um2rParkingOccupancy ExpiryABC1234564A0000Non-reimbursingOfficeSPS621,000.0500.01,125.6562.82May 31, 20151234574A0001ReimbursingOffice46750.0844.23May 31, 2015Total for ABC1082,250.02,532.65Impact of current problem/opportunity on tenants (if applicable)Additional tenant costsDisruption of ProgramRequired relocationIn-service dateClient liaison activities (if applicable)How client concerns are currently being dealt with 2.4 Strategic ContextDescribe how the problem/opportunity relates to current strategies and plansNational Investment Strategy (NIS)Regional Investment StrategyCommunity Based Investment Strategy (CBIS)Portfolio StrategyStrategic Action PlanLease Action PlanClient Strategy (Explain the client’s long-term and short-term accommodation strategy)Government of Canada WP2.0 fit-up standards2.Meet with Portfolio Management, Owner Investor Analyst, Asset Manager and any other relevant stakeholders, to ensure that all necessary background information is included; any additional directives from upper management, priorities, budget cuts, strategic and operating review, etc.2.5 StakeholdersList all the relevant stakeholders who have an involvement in the problem/opportunityBriefly describe their stakeProject Scope Requirements Space required : number of FTEs to accommodate, m2 of Special Purpose Space (SPS), m2 of storage (warehouse, training rooms, etc,)Type of space (identify if any non-compliant space or SPS was approved by PSPC)Swing Space (if applicable)Geographical boundaries including justification of boundaries chosen North :_________ South :_________ West: _________ East :_________ Identify the City and Province. Identify unique program and/or operational requirements that may further restrict the geographic boundaries as per the Geographic Boundaries Procedure.Date by which space is requiredLength of term as required by clientPSPC Space Allocation Limits (see table below)Number of FTEsSpace entitlement (m2u/ m2r) as per Space Allocation Limits (WP2.0)Ratio m2u/FTE (current vs. WP2.0)Determine if space is quasi-judicial; if yes, WP2.0 entitlement is differentIf client is above m2u/FTE target, justification is requiredRequirements for compliance to WP2.0 fit-up standards and exemptions (non-compliant space)Space Allocation Standards based on project requirementClientType of SpaceFTEsSpace Allocation Limits (m2u)Requested Space (m2u)Variance (+/-)Utilization rate (m2u /FTE)XOffice – General Administration183 Office5 SPS2,429.122,430012.92YOffice – Public Contact0000n/aZOffice – Quasi-Judicial0000n/aTotal Usable Area Required1882,429.122,43012.92 Operational parking requirements (as per custodial parking policy)Special considerations (if applicable)Specific location within a building (ground floor, retail space etc.)Specific type of locationSecurity requirements (highly sensitive)Heritage buildingClient demand forecast (if applicable)Factors influencing future demandLikelihood of factorsImpact on client requirementsFuture changes in funding levelsOccupancy commitments (client commitment vs. lease term)Impact on space envelope and source of client funding (ECF or Non-Reimbursing)Identification & Analysis of OptionsThe information in the following section should only summarize the key findings of the Feasibility Report and should be updated, if applicable. If the project qualifies for NPMS Lite (where a Feasibility Report is not required), all Feasibility Report information should be incorporated into this section.4.1 Options Considered Identify and describe all reasonable options for satisfying the project requirements4.2 Non Feasible OptionsClearly explain why the eliminated options are not considered for further analysis4.3 Feasible Options Clearly explain why the retained options are being considered for further analysis4.4 Financial Analysis Availability of accommodation spaceGovernment inventoryLocal real estate market description (quarterly reports)Real Estate Market AnalysisMarket informationMarket Survey Report (MSR) (include source of reports and effective dates)Market Analysis Report (MAR) (include source of reports and effective dates)Market Analysis Report; reference XXXXXX(date)Gross Effective Rental Range ($/m2r)$XXX - $XXXEstimated Base Year Taxes and Operating Costs$XXXNet Effective Rental Range$XXX - $XXXStorage Space (Gross)$XXX - $XXXParking (per stall per month, including taxes)$XXX - $XXXClassifications of comparable buildings surveyed (class A, B, or C)Vacancy ratesResults of recent Generic Request for Information (GRFI) and Request for Information (RFI) that may apply to this project to confirm the supplyConclusion reached based on the analysis of demand and supply related to this project:Most probable availability of suitable space (description of the supply; class of building; anticipated rental rates used)Financial Assumptions*Financial Assumptions must either be fully developed under each option wherever relevant or an individual section must be created before the Financial Analysis section. This information could also be put in an appendix. Key input assumptions common to all optionsDetailed description specific to each option (in-service date, swing space, m2 for each option, description of delivery, LEED requirement, …) Additional notes where applicableSummary table for each option and source (refer to Appendix 1)** REFIT calculations and detailed table of assumptions are always required. Financial AnalysisFull costs to the federal government for each option (PSPC and client)All relevant costs (ensure valid assumptions and input values are realistic and supported by an explanation or a source) Results of financial analysis in table showing PVCOA for each option OptionsPVCOARankRA-PVCOARankOption 1: …..$ XXXX2$XXXX1Option 2: ….$ XXXX1$XXXX2Risk-based investment analysis (for projects with LPA > $30M only)Risk-neutral PVCOA and risk-adjusted PVCOA for each option in table formExplain the resultsNote: if a risk factor is quantified in the RA-PVCOA, do not include it in the Risk Assessment (Section 4.6) as it would then be double-counted ConclusionWhich is the most financially viable option?Do variations to key assumption make a difference (sensitivity analysis)?What conclusions can be reached?4.5 Analysis of Non-Financial FactorsAdvantage and Disadvantage Table (example)OptionAdvantagesDisadvantagesOption #1 Renewal In-SituBenefit from client investments and current infrastructureNo disruption to the tenants program delivery and services to CanadiansNon-competitive processOption #2 Lease Tender CallOpen transparent and competitive processSpace alignment with OAF Risk of not finding suitable alternative spaceLimited internal resourcesDisruption to clientNew fit-up required, longer project delivery timelineInclude all relevant non-financial factors for each option. Some examples that can be used are the following:Project requirement satisfactionClient requirements satisfactionStrategic context Impact on diversity or balance of the inventoryTiming requirements respectedSupport goals and objectives of PSPC Sustainable Development StrategySuitability of accommodationFlexibilityEase of implementationDisruptions to tenantsStrategic compatibility Good Neighbour PolicyEnvironmental factorsFederal presenceAccessibilityFor projects that require National approval, also use an “Evaluation Matrix for Qualitative Analysis”Each factor should be explainedNon-Financial FactorWeightOption 1Option 2Option 3ScoreScoreScoreFactor 130302730Factor 225222525Factor 320171016Factor 41515512Factor 510866Total Score100927389Note: not applicable if there is only one feasible option.Description of results of analysis and conclusion reached for each factor (must justify ratings)4.6 Risk AssessmentEvaluation of relative level of risk for each option (Evaluation Matrix for Risks)Risk FactorsOption 1Option 2Option 3LIScoreLIScoreLIScoreClient requirements not being metMM4Changing client requirements LL1Timing delaysLH3Cost increaseLH3Negotiation riskLL1Market conditionsLL1FundingMM4Lack of human resourcesLL1TOTAL SCORE18Note 1: Table not applicable if there is only one feasible option.Note 2: For projects going to National, a 5x5 matrix (Very High-High-Moderate-Low-Very Low) is necessary.Impact (I)High (H)3369Moderate (M)2246Low (L)1123123Low(L)Moderate (M)High(H)Likelihood (L)Legend:Example of risk factors relevant to each option Risk that the project may not fully rectify an identified problemRisk of user needs not being metRisk of changing requirementsRisk of not meeting timing requirementsRisk of cost overrunsRisk of future performance being impairedRisk of environmental degradationExplanation of the evaluation matrix per risk: Description of resultsConclusion of risk assessment : Which option carries lowest level of risk? How does each option rank in terms of risk?Do any of the options carry an unacceptable high level of risk?Briefly summarize key findings from the evaluation matrix4.7 ConclusionsCombination of results of all analysis (determine which option provides the overall best value to the federal government)Considering results, what conclusions can be reached? State why preferred option is better than the other options available Convey through the conclusion that the recommended option represents “best value” to the Crown, particularly when it may not be the “least cost” optionConvey the risks of not proceeding with the recommended option to further articulate the need to implement the recommended option Strategic Impact Identify strategic value of proceeding with the projectDemonstrate project is carried out in a manner consistent with departmental policies and strategies.Use checklist of strategic and policy compliance table below. Apply it specifically to each individual project: Policy/StrategyComplianceJustification(always required)YesNoWorkplace 2.0 Fit-up StandardsSustainable Development StrategyGood Neighbour PolicyCommunity-Based Investment StrategyStrategic Action PlanRegional Portfolio StrategyClient StrategyIn Case of DIRECT NEGOTIATION for lease, identify whether or not the project meets with the ‘Six Principles of Direct Negotiation Lease Renewal’. If not, identify why not and include a mitigation strategy if renewal failsIn the Appendix, attach a detailed list of the Six PrinciplesRecommendationMaximum length of 2 paragraphsClear and detailed statement of the proposal being recommended for approval. Project definition Cost (HST, Class of estimate, LCA, Risk allowance)TimingUsable and rentable square meters (m2u, m2r)Client costs (if applicable)Related to above standard fit-up (included in LPA) and how they will be reimbursedFurniture, Fixture & Equipment (FF&E)Comments on urgency of projectClient agreement with proposed approach (statement)Issues to be brought to the attention of RPIB or RIMB (decision makers)Approval Authority and FundingPCRA ScoreDate included on IIP listIdentify Delegated Approval Authority (DG, ADM, Deputy Minister, TB)Source of funding (confirmation from CFO for client costs)Projection of cash flows (in a table)For projects that require National approval, detail cash flow table should be provided:?2017/20182018/20192019/20202020/2021TotalProject Cost $ XXXXX $ XXXXX $ XXXXX $ XXXXX $ XXXXX Risk allowance $ XXXXX $ XXXXX $ XXXXX $ XXXXX $ XXXXX Sub-TotalEscalationGST/HST $ XXX $ XXX $ XXX $ XXX $ XXX Total $ XXXXX $ XXXXX $ XXXXX $ XXXXX $ XXXXX See detailed cost breakdown in AppendixImplementation Plan Include project schedule Key milestones for projectAnticipated completion dateOccupancy dateDetailed project schedule attached in appendixRisk Management Plan (attach as appendix)Identify key risks including summary of risk mitigation measures only for the recommended option Include what type of lease will be used (if applicable – mainly for large projects)Project Team & SignaturesPosition (examples)OrganizationNameProject DirectorSenior Project LeaderCASA/ Accommodation ManagerSenior Project ManagerProject ManagerProf. and Tech. ResourcesSenior Financial AdvisorProperty Manager Other (specify)ActionDateSignaturePrepared byProject Leader Reviewed byRecommended byApproved by AppendicesContent varies depending on situation:Financial Assumptions Summary TableDetailed cost estimates for the proposed projectSpace Calculation (summary page) NPMS Feasibility Report (if separate document)NPMS Compliance Checklist Risk Management PlanSummaries of building condition and building performance (LCR), if extensive Project Implementation scheduleCommunication Strategy PCRA Summary SheetSix Principles of Direct Negotiation for Lease Renewal (if applicable) Appendix 1 – Financial Assumptions Summary TableFinancial Assumptions Applicable to all OptionsItemFinancial AssumptionSourceEscalator (%) – Rent%Finance’s month/year publicationEscalator (%) – O&M%Finance’s month/year publicationEscalator (%) – Taxes%Finance’s month/year publicationEscalator (%) – Land%Finance’s month/year publicationEscalator (%) – Service Fees%Finance’s month/year publicationEscalator (%) – Construction & Systems%Finance’s month/year publicationOption 1: Option 2: ItemFinancial AssumptionSourceFinancial AssumptionSourceGeneral Financial AssumptionsOffice spacem2u / m2r?m2u / m2r?SPS spacem2u / m2r?m2u / m2r?Storage spacem2u / m2r?m2u / m2r?Parking stalls# of stalls?# of stalls?Fit-up/Refresh $/m2uBased on PSPC’s FYXX/XX Fit-up standards$/m2uBased on PSPC’s FYXX/XX Fit-up standardsMoving and signage$/m2uBest practice$/m2uBest practiceConsultant % of fit-upBest practice% of fit-upBest practiceDisbursements% of fit-upBest practice% of fit-upBest practiceContingency % of fit-up, moving and signage, consultant and disbursementsBest practice% of fit-up, moving and signage, consultant and disbursementsBest practiceProject Leadership fees% of fit-upBest practice% of fit-upBest practiceProject Management fees% of fit-upBest practice% of fit-upBest practiceLPA (2001L)Gross Rent Office & SPS space$/m2r?n/an/aGross Rent Storage$/m2r?n/an/aO & M $/m2r?n/an/aTaxes$/m2r?n/an/aParking rate$/stall/year?n/an/aInvestment horizon (Term)# yearsClient requirement, Owner Investor, Leasing n/an/aDiscount Rate %Finance’s month/year publicationn/an/aOption 1: Option 2: ItemFinancial AssumptionSourceFinancial AssumptionSourceREFITNet Rent Office & SPS space$/m2r?$/m2r?Net Rent Storage$/m2r?$/m2r?O & M $/m2r?$/m2r?Taxes$/m2r?$/m2r?Parking rate$/stall/year?$/stall/year?Investment Horizon# yearsOwner Investor, Leasing# yearsOwner Investor, LeasingDiscount Rate%Finance’s month/year publication%Finance’s month/year publicationRefresh $/m2u or % of fit-upBest practice$/m2u or % of fit-upBest practiceClient Costs$/FTE or $/m2uBest practice$/FTEs or $/m2uBest practice ................
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