11. 12. In a retail offer to lease, the tenant proposes to rent space on the terms listed below. Ignoring discounting over time, what is the average annual net effective rent per square foot received over the term of the lease? Term: 5 years Triple Net Lease Rate: Years 1-3: $25 per sq. ft.;Year 4: $26 per sq. ft.;Year 5: $28 per sq. ft. Size: 3,000 sq. ft. Free rent: First 3 months free in Years 4 and 5 (1) $23.10 per sq. ft. per year (2) $20.33 per sq. ft. per year (3) $25.80 per sq. ft. per year (4) $26.10 per sq. ft. per year The direct comparison approach is MOST likely to be used as a secondary or back-up approach in the valuation of which of the following? (1) A regional shopping centre (2) A small convenience centre (3) A neighbourhood centre (4) A single-unit retail building