A Commercial Real Estate Professional’s Introduction to the SIOR Designation
Are you a licensed commercial real estate broker thinking of obtaining your SIOR designation? Have you often wondered what is ...
Read article →ARTICLES AND INSIGHTS
Commercial Real Estate Blog
Practical guides to commercial real estate finance, valuation, underwriting, leases, development, market analysis, and investment returns.
Use the library to build your foundation, then explore more articles and worked examples.
CHOOSE A PATH
What do you want to learn?
Jump directly to the part of commercial real estate you are working through.
ARTICLES AND INSIGHTS
Commercial Real Estate Articles
Browse practical articles on commercial real estate finance, valuation, underwriting, leases, development, and investment analysis.
EVERGREEN CRE KNOWLEDGE LIBRARY
Learn the concepts behind every CRE deal
Start with a foundational article in each learning path, then use the supporting guides to go deeper.
01 · PROPERTY CASH FLOW & LEASES
Build the property model
Understand the income, expenses, lease structures, and assumptions that drive a commercial property’s cash flow.
BEST PLACE TO START
What Is a Real Estate Proforma?
See how income, expenses, capital costs, and financing come together in one property forecast.
02 · VALUATION & RETURNS
Understand what the property is worth
Move from property income to value, compare return measures, and understand what each metric can—and cannot—tell you.
BEST PLACE TO START
Cap Rate: A Practical Guide
Connect net operating income to value and see why cap rates are so widely used.
03 · DCF & FINANCIAL MATH
Account for timing and risk
Build the intuition behind present value, discounting, DCF analysis, and the return measures used for multi-period cash flows.
BEST PLACE TO START
The Time Value of Money
Understand why timing matters before moving into present value, NPV, IRR, and DCF.
Prefer a guided sequence? Explore the Real Estate Finance guide →
04 · DEBT & CREDIT
Understand what the property can support
Follow the lender’s logic from cash flow and collateral through loan sizing, repayment capacity, structure, and approval.
BEST PLACE TO START
How CRE Loan Underwriting Works
See how lenders evaluate the borrower, property cash flow, collateral, structure, and repayment.
05 · DEVELOPMENT & CAPITAL
Model the project from costs to returns
Connect development costs, construction financing, lease-up, capital structure, and partnership economics.
BEST PLACE TO START
Yield on Cost: A Beginner’s Guide
Compare stabilized NOI with total project cost and understand the development spread.
06 · MARKETS & APPROVALS
Ground the model in the real world
Use market, location, supply-and-demand, and land-use analysis to support the assumptions in the financial model.
BEST PLACE TO START
Why Real Estate Market Analysis Matters
See how market conditions shape rent, vacancy, growth, absorption, exit, and development assumptions.
EXPLORE THE INDUSTRY
New to commercial real estate?
Understand property types, listings, financing, market data, analysis, careers, and how the industry fits together.
WORKED EXAMPLES
Put the concepts together
Follow complete analyses that show how the assumptions, financing, valuation, and returns connect.
CASE STUDY
Industrial Warehouse Analysis
Work through an industrial acquisition from assumptions to returns.
CASE STUDY
Tax Increment Financing Analysis
See how TIF affects project feasibility and public-private financing.
MORE FROM THE LIBRARY
More commercial real estate articles
Explore more of the PropertyMetrics library, including practical explanations, worked examples, and decision frameworks for CRE professionals.
How Commercial Construction Loans Work
Securing a commercial construction loan for various types of commercial real estate can be a difficult process to navigate. This ...
Read article →9 Elements of Highly Effective Commercial Real Estate Marketing Plans
After you win a listing for a commercial property the real work begins. You now need to deliver on your ...
Read article →Understanding the Difference Between NPV vs IRR
Understanding the difference between the net present value (NPV) versus the internal rate of return (IRR) is critical for anyone ...
Read article →The Commercial Credit Approval Process Explained
The purpose of this article is to shed some light on how a bank evaluates a loan request from a ...
Read article →What is a Modified Gross Lease & How Does It Work?
Understanding commercial real estate leases takes careful attention to detail. People will often categorize a lease as either a triple ...
Read article →Cap Rate Explained: Formula, Examples, and Valuation
The capitalization rate, or cap rate, is calculated by dividing a property’s annual net operating income by its purchase price ...
Read article →How Does an Expense Stop Work?
Understanding the terms of a commercial real estate lease can quickly become a challenging task. One lease term that people ...
Read article →What is a Mini Perm Loan?
A mini-perm loan is a crucial financial tool for developers and real estate investors, providing short-term financing for newly constructed ...
Read article →READY TO MODEL A DEAL?
Put these concepts to work in PMX Proforma
Build the lease-by-lease cash flow, test the assumptions, and see how each decision changes property value, debt coverage, and investor returns.