Abstracts were completed by client using internal staff who had moderate to minimal experience reading leases.
Lease Review Audit performed. Abstracts compared to leases on a test basis. Ongoing findings resulted in request to review all abstracts. Lease Review Audit revealed 27% of building’s lease abstracts were missing base rent schedules for existing space as they were overwritten by erroneously abstracted expansion options. Corrected abstracts increased annual revenue by $80,000.