Consider an office building scheduled to open in Jan 2021. The center is 54,000 square feet (SF), and has three spaces. Suite 101: 18,000 SF of rentable area. Lease start date: Feb 1, 2021. 7-year gross lease at $19/SF. Suite 201: 22,000 SF of rentable area. Lease start date: Jan 1, 2021. 3-year gross lease at $15/SF. Suite 202: 14,000 SF of rentable area. Lease start date: Mar 1, 2022 5-year gross lease at $12/SF. Re-leasing: When any lease ends, there is 25% chance tenant will renew. If tenant does not renew, space expected to remain vacant for 4 months until a new tenant arrives. Either renewal or a new lease will be for a 6-year gross lease at the market rate of $20/SF. What is the expected Occupancy during 2024? Excel 97.5% 3-year gross lease at $15/SF. Suite 202: 14,000 SF of rentable area. Lease start date: Mar 1, 2022. 5-year gross lease at $12/SF. Re-leasing: When any lease ends, there is 25% chance tenant will renew. If tenant does not renew, space expected to remain vacant for 4 months until a new tenant arrives. Either renewal or a new lease will be for a 6-year gross lease at the market rate of $20/SF. What is the expected Occupancy during 2024? Excel 97.5% 96.6% 89.8% 79.6% Question 10 (1 point)