3. You need to estimate the current replacement cost of a subject retail property with 23,600 square feet. A comparable retail and office property with total combined floor area of 56,000 square feet was built one year ago. The retail portion of the comparable asset was built for $493,000. Cost escalation over the past year has been 3%. The office portion of the comparable property has a floor area of 31,800 square feet. What is the estimated replacement cost of your subject property today?