An annual property review gives office building owners a chance to address lease deadlines, compare competing properties, and prepare for upcoming expenses before they become urgent.

Start with three documents: your current rent roll, a comparison of competing spaces, and your budget-to-actual report. Together, they can help you identify where your property needs attention.

1. Review Your Rent Roll and Lease Deadlines

Check your rent roll against the signed leases and amendments. Confirm lease expiration dates, rent increases, renewal options, and notice requirements.

Create a calendar that tracks both expiration dates and the earlier deadlines that affect your decisions. Set reminders far enough ahead to allow time for tenant discussions, budgeting, and a replacement leasing plan if needed.

• Review expiration timing: Identify periods when several leases could expire close together.
• Confirm notice provisions: Check who must give notice, when it is due, and how it must be delivered.
• Discuss tenant plans: Ask about space needs, operating concerns, and potential changes before renewal decisions become urgent.

Coordinate outreach with your property manager or leasing broker. A casual conversation is useful, but it should not replace any formal notice required by the lease.

2. Compare Your Property With Its Competition

Look at the buildings competing for the same tenants. Focus on comparable locations, building types, suite sizes, and delivery conditions rather than assuming the nearest property is the best comparison.

Keep a simple comparison of:

• Total occupancy cost: Base rent, operating expenses, utilities, parking, and other charges.
• Lease terms: Available concessions, improvement allowances, proposed lease length, and scheduled rent increases.
• Property condition: Landscaping, signage, entrances, lobbies, restrooms, and available suites.
• Practical amenities: Parking, accessibility, connectivity, and features relevant to your target tenants.

Advertised rents are a starting point, not proof of completed lease terms. Compare what each rate includes and account for differences in condition and concessions before changing your pricing.

3. Build a Budget Around Actual Results

Compare the prior year’s budget with actual income and expenses. Identify meaningful differences and determine whether they resulted from a one-time event, an inaccurate assumption, or an ongoing change.

For the upcoming year, account for:

• Potential vacancies, collection issues, and lease expirations.
• Tenant improvements, leasing commissions, marketing, and other turnover costs.
• Scheduled maintenance and anticipated capital repairs.
• Insurance, property taxes, utilities, and service contract renewals.
• Reserves for unexpected expenses.

Consider a scenario in which a vacancy lasts longer or a major repair occurs sooner than expected. That exercise can reveal whether your reserves and planned spending are realistic.

Review vendor contracts as well. When requesting competing bids, compare service scope, insurance, response times, and exclusions alongside price.

Turn the Review Into an Action Plan

Assign a person and deadline to each priority. Revisit the plan during the year as tenant circumstances, expenses, and competing availability change.

If you own an office or medical office building in Tampa Bay, John Milsaps can help you evaluate your property’s leasing position and ownership options. Explore landlord representation or seller representation, or contact John to discuss your property.