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As CFO for Panther Insurance, you are shopping for 10,000 square feet of usable office space for 25 of your employees in Cedar Falls, IA.
As CFO for Panther Insurance, you are shopping for 10,000 square feet of usable office space for 25 of your employees in Cedar Falls, IA. A leasing broker shows you space in Curris Atrium, a 10-story multitenant office building. This building contains 400,000 square feet of gross building area. A total of 100,000 square feet is interior space and is nonrentable. The nonrentable space consists of areas contained in the basement, elevator core, and other mechanical and structural components. A total of 30,000 square feet is lobby area and is usable by all tenants. The 10,000 square feet of usable area that you are looking th for is on the 4" floor, and contains 30,000 square feet of rentable area, and is leased by other tenants who occupy a combined total of 18,000 square feet of usable space (assuming there is no other usable space for leasing). The leasing broker indicated that base rents will be $20/square foot of rentable area. What is the annual rent that Panther Insurance will have to pay, including the load factor for the 4th floor in the computation? (compute your answer using 4 decimals and round your final answer to whole number. To compute the final answer to 4 decimals, you need to compute the load factor upto 8 decimals)
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