BRAVE Fields for Industrial

Industrial Properties in the BRAVE Framework

Industrial real estate — including warehouse/distribution, flex, manufacturing, and cold storage facilities — has become the most actively traded commercial property type in recent years. The surge in logistics demand has made industrial appraisals a high-volume activity for lenders, and BRAVE compliance helps process these appraisals efficiently.

Industrial properties have distinctive physical characteristics that affect valuation: clear height, dock-high doors, trailer parking, column spacing, and office finish percentages. While BRAVE captures the core building data, some industrial-specific details (like clear height and dock counts) are not dedicated BRAVE fields and remain in the PDF report narrative.

Property Identification

BRAVE organizes its 99 fields into 6 official categories (Job, Property, Income, Value, Appraiser). For industrial properties:

Property.Type: Set to "Industrial". Use Property.Subtype to distinguish between warehouse/distribution, light industrial, heavy industrial, flex/R&D, and cold storage.
Property.Subtype: Further classify by use (bulk distribution, last-mile delivery, manufacturing). This distinction matters more for industrial than any other property type.

Building and Site Fields

Key industrial Property fields:

Property.LandAreaSF and Property.LandAreaAC: BRAVE provides separate fields for land area in square feet and acres.
Property.GrossBuildingArea: Total building footprint including office and mezzanine areas (Decimal).
Property.NetRentableArea: Warehouse area available for tenant use (Decimal).
Property.ParkingType and Property.ParkingSpacesCount: Parking configuration and total spaces.
Property.ConstructionClass: Construction type (steel frame, tilt-up, etc.).
Property.Condition and Property.Quality: Condition and quality ratings.
Property.YearBuilt: Year of construction (Int32).

Note: BRAVE does not have dedicated fields for clear height, dock doors, column spacing, or office finish percentage. These property-specific details remain in the PDF report.

Income Approach

Industrial income analysis is generally simpler than office or retail. BRAVE captures 16 Income fields:

Income.RentalIncome: Base rent, typically quoted per-SF-per-year.
Income.OtherIncome: Non-rental income.
Income.PotentialGrossIncome: Total PGI.
Income.VacancyLoss: Industrial vacancy has been historically low, but include an explicit assumption.
Income.EffectiveGrossIncome: PGI minus vacancy.
Income.OperatingExpenses: Total operating expenses.
Income.NetOperatingIncome: Critical for the direct capitalization approach.

See our BRAVE Income & NOI Fields guide for detailed formatting requirements.

Cap Rate and Valuation

Value.CapRate: Industrial cap rates compressed significantly in 2020-2024 and have since stabilized. The official validator enforces a 0-20% range.
Value.ReconciledFinal: The final reconciled value conclusion.
Value.IncomeApproach and Value.SalesApproach: Individual approach conclusions.

For more on cap rate fields, see our BRAVE Cap Rate Fields Explained guide.

Common Industrial BRAVE Errors

Incorrect area calculations. Ensure Property.GrossBuildingArea includes mezzanine space if present. Omitting mezzanine area understates the building size.

Income field inconsistencies. Ensure Income.NetOperatingIncome equals Income.EffectiveGrossIncome minus Income.OperatingExpenses. The official validator does not enforce this, but lenders check it.