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welcome to real estate financial modelings comparative lease analysis from both landlord and tenant perspectives the goals of todays session are to first understand what the major variables are in commercial real estate leases next to understand how they differ from the perspective of the Landlord and Tenant across the different major lease types then well run an analysis in Excel from both perspectives and then compare the results the major economic variables in a commercial real estate lease first and foremost we have the space itself thats being considered and the size of the space and then also the physical condition of the space upon its delivery to the tenant the picture here shows basically an unfinished space or what some people call a plain white box or a vanilla space basically nothing on the ground the ceilings are finished in sort of a industrial manner so I guess you could consider the ceilings to be finished if thats the look and feel that tenants would accept next