does a build-out have any bearing on cap rate?

[Brandon McCombs]

Does a commercial build-out of offices in an office/retail space have any bearing on cap rate? For example, suppose I had an appraisal conducted with a proposed floor plan of a building I'm renovating after a fire with no offices built (not a shell but just a finished, open floor plan) and the cap rate in that appraisal was 9.0%. Then I have an appraisal conducted with a floor plan that dictates a full build-out of the same space to create offices with kitchenettes, bathrooms, storage closets, etc. then should the 2nd appraisal still reflect a 9.0% cap rate or can the cap rate be lowered by the build-out?

thanks