Start with the cash, not the headline
A quoted rent is only the opening line of a lease. Free rent, tenant improvement dollars, moving allowances, annual escalations, and operating expense stops determine what the occupancy actually costs.
Put every dollar on a monthly timeline before comparing spaces. A lower face rent can be the more expensive deal once weak concessions and early escalations are included.
Build one comparison model
Use the same term, discount rate, and usable-area assumption for every option. That removes the presentation choices landlords use to make unlike proposals look comparable.
Convert rentable area to usable area
Schedule all concessions in the month received
Include recurring operating expenses
Calculate both nominal and present-value cost
Use the model in negotiation
Effective rent gives the negotiation a measurable target. Instead of asking for a vague improvement, you can show exactly which combination of free rent, work-letter, and escalation structure closes the gap.