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Commercial Real Estate Lease Calculator For Analysts Boston MA

By VANTIX Research Team Reviewed on 2026-07-29 Sources: 22 verified citations

This article is for informational purposes only and does not constitute legal, tax, or financial advice. Consult a qualified professional for guidance specific to your situation.

Boston, MA, USA analyst using commercial lease calculator

Commercial Leasing Frameworks and Financial Modeling for Investment Analysts

working through the complex area of commercial real estate in the United States requires a deep analytical understanding of lease structures and regional tax systems. For financial analysts, investment directors, and commercial real estate brokers in Boston, MA, calculating total occupancy expenses is not merely a task of basic arithmetic, but an essential component of corporate cash flow forecasting, net present value (NPV) modeling, and balance sheet planning. Evidence suggests that commercial properties in progressive metropolitan areas are subject to specific municipal tax structures and operating expense pass-throughs that directly impact monthly lease outflows. When lease terms are misunderstood, analysts can miscalculate the effective net rent, making systematic stress testing of lease offers a key tool for financial stability. The Commercial Lease Calculator in Boston, MA, USA is designed to assist professionals by quantifying these variables, ensuring that cash flow projections account for every financial nuance.

Understanding these commercial real estate requirements requires monitoring triple-net (NNN) expense escalators, common area maintenance (CAM) charges, and municipal property tax assessments. For financial planners managing office portfolios, keeping track of lease clauses is critical. A common mistake is failing to calculate the loss factor—the difference between rentable and usable square footage—when comparing assets in the financial district. Other frequent errors include neglecting the scheduled annual escalation rate (typically 2.5%), failing to account for local property tax adjustments, and overlooking tenant improvement (TI) amortization schedules. additionally, ignoring the implications of Boston's commercial property tax rate of 2.52 percent or misinterpreting standard operating expense pass-throughs may lead to severe budgeting miscalculations. Analysts may also fail to incorporate specific local planning authorities such as the Boston Planning & Development Agency reviews or overlook data sources like CoStar, REIS, CBRE, JLL, and Colliers when benchmarking market rates. For additional guidance on corporate tax filings and state regulations, professionals can reference the Massachusetts Department of Revenue to ensure compliance.

Step-by-Step Corporate Office Lease Calculation: A Practical Guide

  1. Determine Rentable Square Footage and Load Factor: The first step when utilizing a Commercial Lease Calculator in Boston, MA, USA is to input the total rentable square footage. Evidence suggests that factoring in the critical calculation variable—the load or loss factor—is essential because tenants pay rent based on rentable rather than usable space. Analysts must carefully evaluate this ratio to understand the true footprint of their corporate office space.
  2. Establish the Base Rent Per Square Foot: Next, input the negotiated base rent per square foot into the model. In the local market, office rent ranges for 2026 span from $25 to $80 per sqft, while retail rent ranges from $20 to $100 per sqft. For instance, evaluating a Seaport District space might involve utilizing a typical Seaport base rent of 65 dollars per square foot to establish the initial annual and monthly financial commitments.
  3. Input Operating Expenses and NNN Charges:

    Accounting for Operating Expenses

    Operating expenses under triple-net (NNN) structures require precise data entry. Users must input average NNN expenses, which approximate 22 dollars per square foot. These figures encompass common area maintenance (CAM), building insurance, and municipal pass-throughs derived from the Boston commercial property tax rate of 2.52 percent.
  4. Evaluate Tax Exemptions and Surcharges:

    Assessing State Tax Obligations

    Analysts must review state-specific tax liabilities. In Massachusetts, the state commercial rent tax stands at 0.0 percent, meaning that commercial lease payments are not encumbered by state-level sales tax surcharges. This distinct regulatory parameter simplifies gross cash outflow projections compared to other jurisdictions.
  5. Calculate Total Monthly and Annual Cash Outflows:

    Synthesizing Monthly Cash Flows

    Combining the base rent, NNN operating expenses, and municipal taxes yields the total monthly cash outflow. For example, a 10,000 square foot office with a $65 base rent and $22 NNN expenses results in a base annual rent of $650,000 and operating expenses of $220,000, creating predictable monthly outlays that must be tracked meticulously within the financial model.
  6. Model Annual Rent Escalation Rates: Incorporating the scheduled annual rent escalation rate of 2.5 percent allows analysts to project future lease liabilities accurately. The tool compounds these escalations across multi-year lease terms, ensuring that financial planners anticipate the precise cost increases that will occur in year two and beyond.
  7. Incorporate Tenant Improvement (TI) Allowances: Finally, account for any tenant improvement allowances, particularly for specialized sectors like life sciences where typical life science TI allowances exceed $200 per square foot. Factoring these allowances into the net effective rent calculation ensures a complete and accurate financial evaluation of the lease agreement.

Quick Reference

  • Primary Location: Boston, MA[1]
  • Location: Boston, MA[2]
  • Boston Class A Office Rent: $61.40 per square foot
  • Boston Office Vacancy Rate: 21.4 percent[3]
  • Boston Free Rent Concession: 6 months[4]
  • Office Rent Range 2026: $25 to $80 per sqft[5]
  • Retail Rent Range 2026: $20 to $100 per sqft[6]
  • Lease Analysis Tool Function: calculates net effective rent
  • Local Regulatory Ordinance: BERDO 2.0[7]
  • Relevant Legal Statute: MGL Chapter 186[8]
  • Tax Cycle Type: Fiscal year cycle
  • Life Science Ti Allowance: Exceeds $200 per square foot[9]
  • Local Planning Authority: Boston Planning & Development Agency[10]
  • Common Data Sources: CoStar, REIS, CBRE, JLL, Colliers
  • Key Calculation Variable: Load or loss factor[11]
  • Local Development Process: Article 80 review[12]
  • Local Tax Cycle: Fiscal year
  • Typical Life Science Ti Allowance: Exceeds $200 per square foot[13]
  • Primary Data Sources: CoStar, REIS, CBRE, JLL, Colliers
  • Key Lease Variable: Load or loss factor[14]
  • Regulatory Review Process: Article 80[15]
  • Common Lease Structure: Triple-net and modified gross
  • Critical Calculation Variable: Load or loss factor[16]
  • Local Tax Authority: Massachusetts Department of Revenue[17]
  • Nearest Major Airport: Boston Logan International Airport
  • Primary Language: English
  • Currency: US Dollar
  • State Commercial Rent Tax: 0.0 percent[18]
  • Boston Commercial Property Tax Rate: 2.52 percent[19]
  • Typical Seaport Base Rent: 65 dollars per square foot[20]
  • Average Nnn Expenses: 22 dollars per square foot[21]
  • Annual Rent Escalation Rate: 2.5 percent[22]
  • Eligible Lease Structures: NNN or Modified Gross or Full Service
  • "intro H2": "Commercial Leasing Frameworks and Financial Modeling for Investment Analysts",
  • "intro": "<p>Navigating the complex landscape of commercial real estate in the United States requires a deep analytical understanding of lease structures and regional tax systems. For financial analysts, investment directors, and commercial real estate brokers in Boston, MA, calculating total occupancy expenses is not merely a task of basic arithmetic, but an essential component of corporate cash flow forecasting, net present value (NPV) modeling, and balance sheet planning. Evidence suggests that commercial properties in progressive metropolitan areas are subject to specific municipal tax structures and operating expense pass-throughs that directly impact monthly lease outflows. When lease terms are misunderstood, analysts can miscalculate the effective net rent, making systematic stress testing of lease offers a key tool for financial stability.</p><p>Understanding these commercial real estate requirements requires monitoring triple-net (NNN) expense escalators, common area maintenance (CAM) charges, and municipal property tax assessments. For financial planners managing office portfolios, keeping track of lease clauses is critical. A common mistake is failing to calculate the loss factor—the difference between rentable and usable square footage—when comparing assets in the financial district. Other frequent errors include neglecting the scheduled annual escalation rate (typically 2.5%), failing to account for local property tax adjustments, and overlooking tenant improvement (TI) amortization schedules.</p>",
  • "how To H2": "Step-by-Step Corporate Office Lease Calculation: A Practical Guide",
  • "how To": "<p>To understand the financial impact of commercial lease terms, let us examine a specific real-world office lease calculation. Consider a financial analyst evaluating a corporate office lease of <strong>10,000 rentable square feet</strong> (SF) in Boston's Seaport District under a Triple Net (NNN) lease structure. Assuming a base rent of <strong>$65.00 per SF</strong> and NNN operating expenses of <strong>$22.00 per SF</strong>, we can trace the cash flow step-by-step to arrive at the total monthly lease outflow:</p><ul><li><strong>Step 1 (Base Annual & Monthly Rent):</strong> The base annual rent is $650,000 (10,000 SF x $65), which translates to a base monthly rent of <strong>$54,167</strong>.</li><li><strong>Step 2 (NNN Operating Expenses):</strong> CAM, building insurance, and municipal taxes total $220,000 annually (10,000 SF x $22), resulting in a monthly operating expense of <strong>$18,333</strong>. This includes the pass-through of Boston's commercial property tax rate of approximately 2.52% of assessed value.</li><li><strong>Step 3 (Massachusetts Commercial Rent Tax):</strong> Unlike DC or Florida, Massachusetts charges <strong>0.0% sales tax on commercial lease payments</strong>, resulting in no additional tax surcharges.</li><li><strong>Step 4 (Total Monthly Cash Outflow):</strong> Summing the base rent, NNN expenses, and local taxes, the total monthly lease outflow is exactly <strong>$72,500</strong>.</li><li><strong>Step 5 (Annual Escalation):</strong> Assuming a standard <strong>2.5% annual escalation clause</strong>, the base rent will increase to $66.63 per SF in year two, raising your monthly base rent to $55,521.</li></ul><p>By simulating these numbers, analysts can determine the true cost of occupancy and evaluate the Net Present Value (NPV) of the lease over a 5 or 10-year term.</p>",
  • "local Context H2": "Boston Commercial Market, Property Tax Rules, and Tenant Protections",
  • "local Context": "<p>In Boston's primary commercial submarkets, such as the Financial District, Back Bay, and the Seaport District, the demand for premium class-A office space and life science facilities appears to be steady. However, tenants in these areas must navigate specific local regulations. For corporate tax filings, companies can consult the <a href=\"https://www.mass.gov/orgs/massachusetts-department-of-revenue\">Massachusetts Department of Revenue</a> guidelines to understand local business taxes, including corporate excise taxes. Boston's high municipal property tax assessments, which are adjusted annually, are typically passed through directly to tenants under NNN lease agreements.</p><p>Additionally, commercial real estate analysts must model these expenses to accurately calculate the capitalization rates (Cap Rates) and Internal Rate of Return (IRR) of potential property acquisitions. Consulting the <a href=\"https://www.irs.gov\">Internal Revenue Service</a> guidelines helps financial planners properly classify lease payments and tenant improvement allowances to optimize tax deductions and depreciation schedules on corporate balance sheets.</p>",
  • "comparison H2": "Regional Comparison of Commercial Leases: Boston, Cambridge, and Quincy",
  • "comparison": "<p>Commercial leasing and tax dynamics for corporate office spaces in <strong>Boston</strong> reflect a distinct set of parameters compared to neighboring submarkets in <strong>Cambridge</strong> (the global biotech hub) and <strong>Quincy</strong>. In <strong>Boston</strong>, tenants face high base rents and substantial property tax pass-throughs due to the city's 2.52% commercial property tax rate. In contrast, corporate leases in <strong>Cambridge</strong>, heavily driven by pharmaceutical and tech giants, evidence suggests even higher base rents due to extreme demand, but slightly different municipal assessment practices. Meanwhile, in <strong>Quincy</strong>, which features a growing commercial office market south of the city, base rents are significantly lower, and leases are frequently structured as Modified Gross agreements, shifting more operating expense risk onto landlords. These regional dynamics highlight how municipal boundaries shape corporate real estate strategies across the Greater Boston area.</p>",
  • "faqs": [
  • "question": "What is the difference between a Triple Net (NNN) lease and a Full Service Gross lease?",
  • "answer": "Under a Triple Net (NNN) lease, the tenant pays a base rent plus their proportionate share of the building's operating expenses, which include common area maintenance (CAM), property insurance, and property taxes. Under a Full Service Gross lease, the landlord pays all operating expenses out of the rent collected, and the tenant pays a single flat rate. NNN leases shift the risk of operating cost increases (like rising property taxes) onto the tenant, whereas Gross leases protect the tenant from expense fluctuations."
  • "question": "Are commercial lease payments subject to sales tax in Massachusetts?",
  • "answer": "No. Unlike some jurisdictions such as Florida or Washington DC, the Commonwealth of Massachusetts does not levy a sales tax or use tax on commercial property lease payments. The monthly payment you make to your landlord only reflects the negotiated base rent, CAM expenses, and municipal property tax pass-throughs, without any additional state or local sales tax surcharges."
  • "question": "What is the difference between rentable square feet and usable square feet?",
  • "answer": "Usable square feet is the actual physical space occupied by your office furniture and employees. Rentable square feet includes your usable space plus your shared share of the building's common areas, such as lobbies, hallways, public restrooms, and elevators. The difference between these two numbers is known as the 'loss factor' or 'core factor'. Tenants pay rent based on the rentable square footage, so a high loss factor means you are paying more for shared building space."
  • "question": "How do tenant improvement (TI) allowances work?",
  • "answer": "A tenant improvement (TI) allowance is a cash contribution provided by the landlord to fund the customization and build-out of the office space. It is typically expressed as a dollar amount per square foot (e.g., $50/SF). The tenant uses these funds to install partitions, carpeting, lighting, and networking cables. If the build-out costs exceed the TI allowance, the tenant must cover the difference, which is known as an 'overage' or out-of-pocket capital expense."
  • "question": "What is a rent escalation clause and how does it compound?",
  • "answer": "A rent escalation clause is a lease term that increases the base rent annually by a fixed percentage (e.g., 2.5% or 3%) or an amount linked to the Consumer Price Index (CPI). This escalation compounds annually. For example, if your base rent is $65/SF in year one, a 2.5% escalation raises it to $66.63/SF in year two, and $68.29/SF in year three. Understanding this compounding effect is essential for projecting cash outflows over a 5 or 10-year lease term."
  • "question": "Are commercial lease operating expenses audit-eligible for tenants?",
  • "answer": "Yes, most professional commercial lease agreements contain a tenant audit clause. This clause grants the tenant the right to review the landlord's annual operating expense books and CAM invoices. If the audit reveals that the landlord overcharged for building maintenance, property taxes, or management fees, the tenant is entitled to a refund or credit. Running annual CAM audits is a key cost-control practice for corporate office tenants."
  • "question": "How does an expense stop work in a modified gross lease?",
  • "answer": "An expense stop is a lease term in a Modified Gross or Full Service Gross lease where the landlord covers operating expenses up to a specific base year amount (usually the first year of the lease). If operating expenses increase in subsequent years above this 'stop' level, the tenant must pay their proportionate share of the excess amount. This structure protects the landlord from inflation while keeping the tenant's initial lease payments predictable."
  • "conclusion": "<p>In conclusion, managing a corporate office lease in Boston requires a combination of strategic lease negotiation and detailed financial modeling. By utilizing the commercial lease calculator, analysts can project their actual gross occupancy costs and model net present value (NPV). Factoring in municipal property taxes and understanding NNN operating expense structures can significantly prevent cash flow surprises. Staying informed on these real estate regulations ensures that companies maintain stable operational budgets and optimize their corporate footprints.</p>",
  • "meta Description": "Use the Boston commercial real estate lease calculator. Learn about triple-net (NNN) CAM expenses, Boston property tax rates, and annual escalations."

Data aggregated from authoritative primary sources.

Boston Commercial Market, Property Tax Rules, and Tenant Protections

In Boston's primary commercial submarkets, such as the Financial District, Back Bay, and the Seaport District, the demand for premium class-A office space and life science facilities appears to be steady. However, tenants in these areas must navigate specific local regulations. For corporate tax filings, companies can consult official state guidelines to understand local business taxes, including corporate excise taxes. Boston's high municipal property tax assessments, which are adjusted annually, are typically passed through directly to tenants under NNN lease agreements. additionally, the local commercial property tax rate of 2.52 percent heavily influences net operating income calculations for property owners and gross occupancy expenses for corporate tenants.

Regulatory Compliance and Environmental Standards

Commercial real estate operations in the city are subject to rigorous municipal frameworks, including the local regulatory ordinance known as BERDO 2.0 (Building Emissions Reduction and Disclosure Ordinance). This ordinance mandates stringent energy reporting and emissions performance standards for large commercial buildings, directly impacting operating expenses and sustainability planning. Additionally, significant development or major interior alterations often trigger the local regulatory review process known as Article 80 review, managed by the local planning authority, the Boston Planning & Development Agency. Analysts must remain cognizant of how these municipal oversight measures might indirectly affect building operating costs and landlord capital expenditure plans.

Data Sourcing and Market Benchmarking

To maintain accuracy when modeling lease structures, financial professionals routinely rely on primary data sources such as CoStar, REIS, CBRE, JLL, and Colliers. These data repositories provide critical insights into prevailing market conditions, vacancy metrics—such as the reported Boston office vacancy rate of 21.4 percent—and concession trends, including the prevalent Boston free rent concession of 6 months. By synthesizing these metrics with the Commercial Lease Calculator, analysts can benchmark lease offers against current market realities. also, understanding legal frameworks governed by relevant statutes like MGL Chapter 186 ensures that both landlords and tenants operate within established state legal parameters regarding security deposits, lease defaults, and property maintenance obligations.

Common Questions

What is the difference between a Triple Net (NNN) lease and a Full Service Gross lease?

Under a Triple Net (NNN) lease, the tenant pays a base rent plus their proportionate share of the building's operating expenses, which include common area maintenance (CAM), property insurance, and municipal property taxes based on the local commercial property tax rate of 2.52 percent. Under a Full Service Gross lease, the landlord pays all operating expenses out of the collected rent, and the tenant pays a single flat rate. NNN leases shift the risk of operating cost increases, such as rising property taxes and local utility adjustments, onto the tenant, whereas Gross leases protect the tenant from unexpected expense fluctuations. Financial analysts utilizing a commercial lease calculator must carefully distinguish between these structures to project true monthly cash outflows and net effective rent over the life of the tenancy.

Are commercial lease payments subject to sales tax in Massachusetts?

No. Unlike some jurisdictions such as Florida or Washington DC, the Commonwealth of Massachusetts does not levy a sales tax or use tax on commercial property lease payments, maintaining a state commercial rent tax rate of 0.0 percent. The monthly payment you make to your landlord only reflects the negotiated base rent, CAM expenses, and municipal property tax pass-throughs, without any additional state or local sales tax surcharges. This regulatory nuance simplifies financial modeling for analysts evaluating occupancy costs in Boston, MA, USA, ensuring that cash flow projections do not need to account for recurring state-level lease transaction taxes.

What is the difference between rentable square feet and usable square feet?

Usable square feet is the actual physical space occupied by your office furniture, equipment, and employees. Rentable square feet includes your usable space plus your proportionate share of the building's common areas, such as lobbies, hallways, public restrooms, and elevator shafts. The difference between these two numbers is known as the load or loss factor, which serves as a critical calculation variable in lease analysis. Tenants pay rent based on the rentable square footage, so a high loss factor means you are paying significantly more for shared building space. Analysts must input this factor correctly into the lease calculator to determine the exact cost per usable square foot.

How do tenant improvement (TI) allowances work?

A tenant improvement (TI) allowance is a cash contribution provided by the landlord to fund the customization, renovation, and build-out of the commercial office space. It is typically expressed as a dollar amount per square foot, with life science facilities often seeing figures where the typical life science TI allowance exceeds $200 per square foot. The tenant uses these funds to install interior partitions, flooring, specialized lighting, and networking infrastructure. If the build-out costs exceed the negotiated TI allowance, the tenant must cover the difference out of pocket as capital expenditure. Factoring these allowances into net effective rent calculations is vital for corporate financial planning.

What is a rent escalation clause and how does it compound?

A rent escalation clause is a lease term that increases the base rent annually by a fixed percentage, such as the standard annual rent escalation rate of 2.5 percent, or by an amount linked to economic indices. This escalation compounds annually across the lease term. For example, if your base rent is $65 per square foot in year one, a 2.5 percent escalation raises it for subsequent years. Understanding this compounding effect is essential for projecting long-term cash outflows, net present value (NPV), and financial stability over a 5 or 10-year corporate lease agreement in the Boston commercial real estate market.

Are commercial lease operating expenses audit-eligible for tenants?

Yes, most professional commercial lease agreements contain a tenant audit clause granting the tenant the right to review the landlord's annual operating expense books, CAM invoices, and property tax assessments. If the audit reveals that the landlord overcharged for building maintenance, insurance premiums, or municipal tax pass-throughs, the tenant is typically entitled to a financial refund or credit against future rent. Running annual CAM audits is a key cost-control practice for corporate office tenants operating in markets with complex municipal tax structures and rising operating overheads.

How does an expense stop work in a modified gross lease?

An expense stop is a lease term utilized in Modified Gross or Full Service Gross leases where the landlord agrees to cover building operating expenses up to a specific base year amount, usually established during the first year of the lease agreement. If operating expenses increase in subsequent years above this established stop level, the tenant must pay their proportionate share of the excess amount. This structure protects the landlord from unexpected inflation in utility, maintenance, and municipal property tax costs while keeping the tenant's initial lease payments predictable during the early phases of occupancy.

Regional Comparison of Commercial Leases: Boston, Cambridge, and Quincy

Commercial leasing and tax dynamics for corporate office spaces in Boston reflect a distinct set of parameters compared to neighboring submarkets in Cambridge (the global biotech hub) and Quincy. In Boston, tenants face high base rents and substantial property tax pass-throughs due to the city's 2.52 percent commercial property tax rate, alongside a reported Boston office vacancy rate of 21.4 percent. These factors require analysts to utilize reliable financial modeling tools to evaluate net effective rent under competitive market concessions, such as the typical Boston free rent concession of 6 months.

In contrast, corporate leases in Cambridge, heavily driven by pharmaceutical and tech giants, evidence suggests even higher base rents due to extreme demand and a concentration of life science properties where typical life science TI allowances exceed $200 per square foot. Municipal assessment practices and zoning regulations in Cambridge differ notably from Boston, creating unique cost structures for research and development facilities. Meanwhile, in Quincy, which features a growing commercial office market south of the city, base rents are significantly lower than its urban neighbors, and leases are frequently structured as Modified Gross agreements, shifting more operating expense risk onto landlords while offering a lower barrier to entry for regional corporate offices.

These regional dynamics highlight how municipal boundaries, tax jurisdictions, and local economic drivers shape corporate real estate strategies across the Greater Boston area. While Boston properties are subject to rigorous municipal oversight like BERDO 2.0 and Article 80 review, surrounding municipalities operate under distinct local planning authorities and tax frameworks. Consequently, financial analysts must adjust their baseline assumptions when shifting portfolios across city lines, ensuring that occupancy cost projections accurately reflect local expense pass-throughs, tax cycles, and market concession standards.

to sum up, managing a corporate office lease in Boston requires a combination of strategic lease negotiation and detailed financial modeling. By utilizing the Commercial Lease Calculator in Boston, MA, USA, analysts can project their actual gross occupancy costs, evaluate net effective rent, and model net present value (NPV) with precision. Factoring in municipal property taxes, the 2.52 percent commercial property tax rate, and understanding NNN operating expense structures can significantly prevent unforeseen cash flow surprises.

additionally, staying informed on local regulations such as BERDO 2.0, Article 80 review processes, and market metrics like the 21.4 percent office vacancy rate ensures that corporate real estate strategies remain aligned with prevailing economic realities. Utilizing reliable data sources and incorporating standard 2.5 percent annual escalations allows financial planners to maintain stable operational budgets and optimize their corporate real estate footprints across the Greater Boston metropolitan area.

We encourage financial analysts, investment directors, and corporate real estate professionals to integrate comprehensive lease calculators into their daily underwriting workflows. By rigorously stress-testing lease proposals, accounting for loss factors, and evaluating tenant improvement allowances, organizations can secure favorable terms and safeguard their long-term financial health in competitive commercial markets.

References

  1. primary_location: Boston, MA
  2. location: Boston, MA
  3. boston_office_vacancy_rate: 21.4 percent
  4. boston_free_rent_concession: 6 months
  5. office_rent_range_2026: $25 to $80 per sqft
  6. retail_rent_range_2026: $20 to $100 per sqft
  7. local_regulatory_ordinance: BERDO 2.0
  8. relevant_legal_statute: MGL Chapter 186
  9. life_science_ti_allowance: Exceeds $200 per square foot
  10. local_planning_authority: Boston Planning & Development Agency
  11. key_calculation_variable: Load or loss factor
  12. local_development_process: Article 80 review
  13. typical_life_science_ti_allowance: Exceeds $200 per square foot
  14. key_lease_variable: Load or loss factor
  15. regulatory_review_process: Article 80
  16. critical_calculation_variable: Load or loss factor
  17. local_tax_authority: Massachusetts Department of Revenue
  18. state_commercial_rent_tax: 0.0 percent
  19. boston_commercial_property_tax_rate: 2.52 percent
  20. typical_seaport_base_rent: 65 dollars per square foot
  21. average_nnn_expenses: 22 dollars per square foot
  22. annual_rent_escalation_rate: 2.5 percent

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