It's January 1st and, with great fanfare, your city's economic development market released its employment forecast for the coming year. Among other positive news, they project that office-related employment will increase from 24,000 jobs today to 25,800 jobs one year from now. A separate industry survey you subscribe to reports that the average office space per employee in your market is 225 square feet (SF).

Q1(a). Assuming the industry survey is correct, how much total space is occupied at the start of the year?

Group of answer choices

225 SF

5,400,000 SF

5,805,000 SF

6,450,000 SF

Q1(b). What is the projected monthly absorption rate for office space for your city?

Group of answer choices

150

33,750

405,000

Q1(c). According to a commercial broker you know, your city's total office inventory currently sits at 6.4 million SF and the current vacancy rate is 9.30%. The building department reports a total of 90,000 SF of office space under construction and another 20,000 SF of office space currently planned.

Using the standard demolition rate described in class, what is the total available supply for your market?

Group of answer choices

595,600

641,200

685,400

710,600

Q1(d). Calculate the Months Supply for your city's office market.

Q1(e). Checking back in your records, you find that the natural (or long-term) vacancy rate for office space in your city is 9%.

Calculate the Months Excess Supply for your market.