CAMs from a commercial property manager perspective

[Jonathan Orr]

Hi BP I wanted to get your opinion on what is included in Common Area Maintenance fees (CAMs). I know that most if not all fees for the maintenance and care of the property are included. However one thing I am wondering is if you have a tenant (I am speaking from the commercial side of real estate) and have a NNN lease. In your CAMs charges, do you include the fee for a management company or manager? I am looking at developing a few industrial properties and want to be able to base my underwriting correctly if I should include the property management fee in the CAMs once the property is up an running.  Looking to pick the brain of any commercial property managers or management companies. Thank you!