Prepared for lenders, CDCs, and federal agencies to SBA SOP 50 10 8, USDA RD Instruction 5001, and conventional underwriting standards. Fiduciary duty runs to the lender and the agency, never the borrower. More than 4,000 studies since 1998 covering $40.2 billion in evaluated project value.
An office or medical office project succeeds or fails on tenancy, not on construction. The feasibility question is whether the trade area's employment base, physician supply, payer mix, or corporate absorption trend supports the proposed rentable square footage at the underwritten rent, and whether lease-up reaches stabilized occupancy inside the loan's interest-carry window. For medical office, the analysis extends to provider demand by specialty, referral patterns, hospital affiliation economics, and the regulatory environment governing outpatient sites of care. Speculative office in a post-pandemic absorption environment receives particularly conservative treatment: the study tests the project against current sublease overhang and flight-to-quality dynamics rather than against pre-2020 absorption averages.
The market analysis is built from CoStar and county assessor inventory, employment and occupational data from the Bureau of Labor Statistics, physician and provider counts from CMS and state licensing boards for medical office, and rent comparables verified against actual signed leases rather than asking rents. The financial model carries lease-up velocity, tenant improvement and leasing commission loads, rollover exposure, and a stabilized cash flow tested against the program's debt-service-coverage minimum across rate-stress scenarios.
Every Wert-Berater financial model is fully linked with no hardcoded values, so any reviewer can stress any input. Deliverables comprise a complete narrative report and the linked Excel model, with ten-year pro forma, sensitivity analysis at ±5, 10, and 15 percent, interest-rate stress from +0.5 to +3.0 percent, and ratio analysis benchmarked against RMA and IBISWorld data.
SBA engagements are prepared to SOP 50 10 8, including its debt-service-coverage minimums of 1.15x operating and 1.00x global. USDA engagements follow RD Staff Instruction 5001 across the Business & Industry, Community Facilities, REAP, and Value-Added Producer Grant programs. Conventional engagements are built to the lender's stated coverage standard, typically 1.20x. Office projects most often reach us through SBA 504 owner-occupied structures, where the 51 percent owner-occupancy requirement reframes the analysis around the operating business's capacity to carry the real estate, and through conventional construction-to-permanent lending for investor product.
Wert-Berater engagements in this category include medical office conversion and physician-equity prospectus work, including a $9,000,000 ambulatory surgery center conversion analysis in the Orlando corridor. Independence is non-negotiable: determinations follow the evidence and are not revised under pressure, and studies are built to pass lender, agency, and third-party review without exception items.
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