Consider a freehold office property, 1000sqm, recently leased at a net rate of $200/sqm. The current lease of the property expires in five years, with a yearly 3% increase in rent. You have incentivized the tenant with half-price rent in year one. Value the property according to the discounted cash flow method. You may assume an exit capitalization rate of 10%, and a discount rate of 8%. Show all workings.