Preparing an Office Investment Sale Data Room in Alberta

1. Build the source and version ledger

Index every file by category, date, author, property scope, source owner, verification status, access level and current version. Preserve native originals, redactions, superseded documents and missing-record exceptions.

Track recipients, questions, official answers and material corrections. The record should establish what information was available at each offer and diligence stage.

• Document index
• Source and author
• Effective date
• Property scope
• Access tier
• Revision history

2. Organize title, plans and area evidence

Include current titles, legal plans and relevant registered instruments. Organize surveys, site plans, floor plans, stacking plans, measurement records, parking and storage evidence.

State the convention and source for rentable, usable, common and vacant areas. Preserve differences between lease exhibits, management systems, plans and physical observation for review.

3. Control the lease and occupancy library

Create an indexed record for each tenant containing executed leases, amendments, renewals, assignments, guarantees, notices and material side agreements. Link the current abstract, rent-roll line, suite and occupancy status.

Maintain an exception log for missing signatures, conflicting terms, exercised or unexercised rights, arrears, disputes and incomplete landlord work. Do not select the most favourable document without identifying the conflict.

4. Present reported operating evidence

Provide historical and interim statements, general ledgers, rent and collection schedules, recovery reconciliations, tax notices, insurance, utilities, service contracts and material invoices. Identify accounting basis and level of external assurance, if any.

Keep reported NOI separate from seller or brokerage adjustments. Show source, reason and effect of each normalization without presenting a marketing schedule as an audit, appraisal or forecast.

5. Expose vacancy and leasing-capital assumptions

Provide suite condition, availability, asking position, active leasing status and supportable market evidence for vacant and expiring premises. Schedule free rent, tenant improvements, commissions, legal, restoration and landlord work as separate inputs.

Identify whether a prospect is an inquiry, proposal, conditional transaction or executed lease. Do not convert pipeline activity into contractual income.

6. Document building systems and service obligations

Organize roof, envelope, elevators, HVAC, controls, electrical, generators, fire and life safety, accessibility, washrooms, security, telecom, parking and common-area records. Include inspections, service agreements, warranties, claims and capital work.

Document normal and after-hours operating standards and tenant-specific services from the governing records. Separate completed work, commitments, estimates and unresolved conditions.

7. Include land-use, permit and environmental records

Provide available development, building, occupancy, fire and trade permits, known orders and current municipal land-use information. Existing occupancy does not prove approval for a future tenant, layout or intensity.

Index environmental reports, historical uses, tanks, spills, remediation and regulator records where applicable. A public-record search is not a professional conclusion about site condition.

8. Stage tenant, security and personal information

Release tenant financials, guarantees, banking details, contacts, access-control and security information only where the purpose, authority and buyer qualification support it. Use coded or redacted schedules at earlier stages.

Alberta's PIPA should inform reasonable purpose, collection, use, disclosure, safeguards, access and retention. An NDA is one control, not blanket permission to disclose every record.

9. Coordinate confirmations, Q&A and tours

Counsel should determine whether tenant confirmations, estoppels, consents, notices or lender-related documents are appropriate. Track requests, responses, exceptions and reconciliation to the lease record.

Use one controlled Q&A log and coordinate tours around tenant notice, operations, privacy and security. Define photography, measurements, roof or mechanical access, testing and direct tenant-contact restrictions.

10. State purpose, reliance and limitations

For professional reports, state author, client, date, scope, purpose and reliance status. For owner schedules and brokerage analysis, identify preparer, source, effective date and unresolved assumptions.

This guide is educational and is not legal advice, lease interpretation, a disclosure opinion, privacy assessment, audit, appraisal, engineering report, environmental clearance or assurance that a data room is complete for a particular sale.