Module 01Flex Space Pro FormaCalibrated Engine v3

The Five-Year Model, in the Portal and in Your Google Sheet

Revenue build, net operating income, and occupancy ramp for the sample 15,000 RSF flex workspace, modeled at $28.00/RSF gross rent ($35,000 per month) and a stabilized 85% occupancy. Delivered two ways: this portal, and a full Google Sheet pro forma.

Built on calibrated master operating models; the engine is versioned and refined with every engagement.

Sample

Included in: Flex Space Pro Forma

$1.05M

Year 5 Revenue

Stabilized at 85% occupancy.

$304,500

Year 5 NOI

29.0% net operating margin.

$60,000

Office Rev / Mo

At 100% office occupancy.

$28.00

Modeled Rent / RSF

Gross. $35,000 per month.

Flex Revenue Testfit

Your floor plan, with every room priced. This is the module that shows what the space earns in a stabilized month, drawn on the architect's own drawing rather than described beside it. In a live engagement the drawing below is replaced by your actual test fit, and every marker is positioned against the real room it prices.

Gross revenue at full occupancy

$97,850 / mo

$1,174,200 annually, before expenses, ramp and rent. Includes the 44 private offices at $60,000, 20 dedicated desks at $9,000, meeting rooms at $9,500, virtual office at $10,000, day offices and flex passes at $5,500, and events at $3,850.

Per programmed SF

$125 / SF / yr

Across the 9,420 programmed square feet that actually carry a rate: 7,440 SF of offices, 1,200 SF of desks and 780 SF of meeting space. The remaining 5,580 RSF is reception, cafe, circulation and back of house, which is why it carries no marker.

Revenue with no square footage

$10,000 / mo

Roughly 100 virtual office clients at a blended $100. That is 10.2 percent of the entire revenue program, occupying no floor area at all, and it is the line most often left out of a landlord's own math.

Section 1 · The Plan, Priced

Every private office carries its own monthly rate, sized to the room it sits on. Click any room to read it; click a tier below to isolate it. Reception, cafe, circulation and back of house carry no marker, because unprogrammed space earns nothing and showing a number on it would overstate the deal.

110 SF$900

180 SF$1,500

300 SF$2,400

420 SF$3,000

20 DEDICATED DESKS · 1,200 SF$9,000 / mo

3 MEETING RMS · 780 SF$9,500 / mo

44 private offices priced across four tiers. Click any room on the plan to read its area and rate.

1-person · 24 · $900 2-person · 12 · $1,500 4-person · 6 · $2,400 6-person · 2 · $3,000 Desks & meeting rooms

Illustrative plan. A hypothetical 15,000 RSF floor plate drawn for demonstration. It is not a measured architectural drawing and describes no actual property. The 44 office markers sum to exactly $60,000 per month, which is the same office total carried in the rate card below and in the Year 5 model. In a live engagement this frame carries your own test fit.

Section 2 · Where the Revenue Actually Sits

The plan answers a question a rate table cannot: which part of the floor is doing the work. Here the 8 largest offices are 18.2 percent of the room count and 34.0 percent of the office revenue, while virtual office earns $10,000 a month against no floor area at all.

Revenue Source	Programmed SF	Share of Programmed SF	Revenue / Mo at 100%	Share of Gross
Private offices (44 rooms)	7,440	79.0%	$60,000	61.3%
Dedicated desks (20)	1,200	12.7%	$9,000	9.2%
Meeting rooms (3)	780	8.3%	$9,500	9.7%
Virtual office (approx. 100 clients)	—	—	$10,000	10.2%
Day offices & flex passes	—	—	$5,500	5.6%
Events	—	—	$3,850	3.9%
Total at full occupancy	9,420	100%	$97,850	100%

Programmed SF counts only space that carries a rate. The balance of the 15,000 RSF is reception, cafe, restrooms, IT, circulation and back of house, a 62.8% programmed efficiency that is typical of a flex plate at this size.

Section 3 · How These Areas Were Derived

Stated plainly, because a number whose origin is unclear is a number a lender will discount. In this sample every area is constructed for demonstration: room sizes are set at 110 SF for a one-person office, 180 for a two-person, 300 for a four-person and 420 for a six-person, which are ordinary planning averages, then multiplied by the unit counts in the rate card. Nothing here was measured off a real drawing.

In a live engagement the derivation is the opposite and is disclosed line by line: areas are taken from your test fit where the drawing is dimensioned, and where it is not, they are extrapolated from the plate and labeled as an admitted extrapolation rather than presented as measured. Rates come from the Market Pricing Calibration, not from the plan. The distinction between a source-verified figure and an extrapolated one is carried on the face of the deliverable.

The Deliverable: Your Google Sheet Pro Forma

The portal presents the intelligence; the Google Sheet is the same model in the standard five-year spreadsheet format operators and lenders expect, with a 60-month ramp, rent roll, and space allocation model. Both stay in sync because both are produced by Core. Below is a faithful mock of the delivered sheet, populated with this sample's illustrative numbers; click the tabs along the bottom.

🔒 docs.google.com/spreadsheets/d/▮▮▮▮▮▮

▮▮▮▮▮▮ · Flex Space Pro Forma (▮▮▮▮▮▮)

File Edit View Insert Format Data Tools Extensions Help

fx=NOI_Margin_Stabilized

	A	B	C	D
1	Floor Plate Details
2	Floor Plate	15,000 SF	Private Offices	44 (84 seats)
3	Rent	$28.00 PSF gross	Dedicated Desks	20
4	Monthly Rent	$35,000	Meeting Rooms	3
5	Stabilized Monthly Revenue (Year 5)
6	Private Offices	$51,000	Dedicated Desks	$7,650
7	Virtual Office	$10,000	Day Offices & Flex Passes	$5,500
8	Meeting Rooms	$9,500	Events & Other	$3,850
9	Total Monthly Revenue	$87,500
10	Key Operating Expenses (Monthly)
11	Rent	$35,000.00	Marketing & Sales	$2,500.00
12	Staffing	$12,500.00	Member Experience	$2,000.00
13	Utilities & Internet	$4,000.00	Software, Tech & Security	$1,791.67
14	Cleaning & Maintenance	$3,000.00	Insurance & Professional	$1,333.33
15	Total Monthly Opex	$62,125.00
16	Profitability (Stabilized)
17	Monthly NOI	$25,375	Stabilized Occupancy	85%
18	NOI Margin	29.0%

	A	B	C	D	E	F	G	H	…
1	Flex Space Pro Forma	Year 1	Year 2	Year 3	Year 4	Year 5	M1	M2	… M60
2	Total Revenue	$520,000	$800,000	$940,000	$1,010,000	$1,050,000	▮▮	▮▮	▮▮
3	Rent	$420,000	$420,000	$420,000	$420,000	$420,000	▮▮	▮▮	▮▮
4	Operating Expenses (ex-rent)	$240,000	$286,000	$304,000	$317,300	$325,500	▮▮	▮▮	▮▮
5	Total Operating Expense	$660,000	$706,000	$724,000	$737,300	$745,500	▮▮	▮▮	▮▮
6	Net Operating Income	($140,000)	$94,000	$216,000	$272,700	$304,500	▮▮	▮▮	▮▮
7	NOI Margin	(26.9%)	11.8%	23.0%	27.0%	29.0%	▮▮	▮▮	▮▮

The delivered sheet models all 60 months; the ramp continues to the right

	A	B	C	D	E
1	Rent Roll	Qty	Rate / Mo	Monthly at 100%	At 85% Stabilized
2	1-Person Office	24	$900	$21,600	$18,360
3	2-Person Office	12	$1,500	$18,000	$15,300
4	4-Person Office	6	$2,400	$14,400	$12,240
5	6-Person Suite	2	$3,000	$6,000	$5,100
6	All Private Offices	44		$60,000	$51,000
7	Dedicated Desk	20	$450	$9,000	$7,650
8	Dedicated Space Total	64		$69,000	$58,650

	A	B	C	D
1	Space Allocation Model	Unit Qty	Sq Ft Per	Total Sq Ft
2	1-Person Office	24	110	2,640
3	2-Person Office	12	160	1,920
4	4-Person Office	6	260	1,560
5	6-Person Suite	2	380	760
6	Dedicated Desk	20	40	800
7	Meeting Room	3	200	600
8	Monetizable Subtotal	67		8,280
9	Amenity & Non-Monetizable
10	Reception & Arrival	1	450	450
11	Cafe & Lounge	1	1,200	1,200
12	Event-Capable Commons	1	700	700
13	Phone Booths	5	24	120
14	Wellness Room	1	100	100
15	Mail & Print	1	150	150
16	IT, Storage & Back of House	1	250	250
17	Amenity Subtotal			2,970
18	Program Subtotal			11,250
19	Circulation (25.0%)			3,750
20	Total Floor Plate			15,000

This tab exists in the delivered sheet. It is not rendered in the sample.

Every formula, assumption, and the full 60-month ramp. Redacted in this sample.

Revenue and NOI Trajectory

Revenue scales as the space fills toward a stabilized 85% occupancy. Year 1 runs at a loss: full rent lands on a revenue base that is still ramping, so the operation absorbs a first-year deficit. Monthly NOI crosses break-even during the ramp and climbs to a stabilized 29.0% margin by Year 5. This is the expected J-curve of a new flex location, not a weakness in the deal.

Annual Revenue vs. Net Operating Income

Years 1 through 5 · illustrative model at $28.00/RSF gross rent

Reading Year 1 honestly: Year 1 posts a negative NOI margin of 26.9%. That is the expected J-curve, not a red flag. Monthly NOI crosses break-even partway through the ramp, Year 2 turns positive at 11.8%, and the operation stabilizes at a 29.0% margin by Year 5.

Five-Year Profit & Loss Summary

Top-line revenue, operating expense, net operating income, and net operating margin by year. All figures are illustrative model outputs at $28.00/RSF rent and 85% stabilized occupancy.

Metric	Year 1	Year 2	Year 3	Year 4	Year 5
Total Revenue	$520,000	$800,000	$940,000	$1,010,000	$1,050,000
Total Operating Expense	$660,000	$706,000	$724,000	$737,300	$745,500
Net Operating Income	($140,000)	$94,000	$216,000	$272,700	$304,500
NOI Margin	(26.9%)	11.8%	23.0%	27.0%	29.0%

Year 1 is negative because full rent commences while revenue is still ramping; the operation reaches monthly break-even during the ramp and stabilizes by Year 5. See the Strategic Report tab for how the rent rate moves the stabilized margin.

Year 5 Revenue Mix

Where stabilized revenue comes from. Private offices are the engine; virtual office, meeting rooms, and dedicated desks are meaningful secondary streams. Figures are Year 5 stabilized, against a $1,050,000 total.

$612,000

Private Offices

$120,000

Virtual Office

$114,000

Meeting Rooms

$91,800

Dedicated Desks

$66,000

Day Offices & Flex Passes

$46,200

Events & Other

Year 5 Revenue by Stream

Stabilized year, $1,050,000 total · illustrative

Where the Revenue Comes From: the Rate Card

The office program behind the dedicated-space line. At 100% occupancy the 44 offices produce $60,000 per month; the model stabilizes dedicated space at 85% occupancy, which yields $51,000 per month ($612,000 per year). Dedicated desks add $9,000 per month at full occupancy ($7,650 at 85%, $91,800 per year). Every rate ties to the Market Pricing Calibration tab.

Product	Units	Rate / Month	Revenue / Mo at 100%	At 85% Stabilized
1-Person Office	24	$900	$21,600	$18,360
2-Person Office	12	$1,500	$18,000	$15,300
4-Person Office	6	$2,400	$14,400	$12,240
6-Person Office	2	$3,000	$6,000	$5,100
All Private Offices	44		$60,000	$51,000
Dedicated Desk	20	$450	$9,000	$7,650

Meeting rooms ($9,500/mo), virtual office ($10,000/mo, roughly 100 clients at a blended $100), day offices and flex passes ($5,500/mo), and events ($3,850/mo) are usage-based streams modeled directly at their stabilized run rates, not scaled by dedicated-space occupancy.

Stabilized Operating Expenses

The Year 5 expense stack behind the 29.0% margin. Rent is the dominant line, exactly why the Strategic Report treats it as the deal's biggest lever.

Expense Line	Year 5 Annual	Share of Revenue
Rent ($28.00/RSF gross × 15,000 RSF)	$420,000	40.0%
Staffing (community team)	$150,000	14.3%
Utilities & Internet	$48,000	4.6%
Cleaning & Maintenance	$36,000	3.4%
Marketing & Sales	$30,000	2.9%
Coffee, Consumables & Member Experience	$24,000	2.3%
Software, Tech & Security	$21,500	2.0%
Insurance, Professional & Miscellaneous	$16,000	1.5%
Total Operating Expense	$745,500	71.0%
Net Operating Income	$304,500	29.0%

How a live model differs from this sample

In a live engagement, every input above is built from your deal: the rent and abatement from your landlord's proposal, the office mix from your floor plan or test fit, the rates from your submarket's real comparable data, and the ramp from calibrated network benchmarks. Every assumption is disclosed as either source-verified or an admitted extrapolation, and the working spreadsheet behind the portal is delivered as a live model you can interrogate.

Figures are illustrative model outputs prepared by CoworkingConsulting.com LLC for demonstration purposes only and describe a hypothetical 15,000 RSF flex workspace, not any actual engagement, property, or client. Nothing here constitutes a guarantee, warranty, or prediction of financial performance. Actual results vary with lease terms, build-out cost, financing, staffing, execution, and market conditions.