A retail lease for 10,000 square feet of rentable space is being negotiated for a five-year term (CAM charges are paid by the tenant). The base rent is $25 per square foot for the coming year with step-ups of $1 per year each year thereafter. CAM charges are expected to be $3 /square foot for the coming year and are forecasted to increase by 6 percent at the end of each year thereafter. If the property owner believes that a 12 percent rate of return should be earned annually on this real estate investment, what is the effective rent per rentable area over the five years?