[Normy]

What exactly do you mean by "markup"?

Are you talking about increased rent from the tenants due to the improvements to the building? Well, it occurs to me that it depends. Was the roof leaking before? Were the stripes in the parking lot faded to invisibility? Did the lot flood? If this is the case, then you have a decent expectation to raise the rent. If the improvements were simple upgrades, and the building was fine before....I suspect that in this economic climate that you won't be able to raise the rent at all. The improvements in this later case will appear transparent to your tenants and they won't be willing to pay anything additional.

N