Lake Hill investors is considering the purchase of the undeveloped Tract of Land. It is currently zoned for agricultural use. If purchased, however Lake Hill must decide how to have the property rezoned for commercial use and then how to develop the site. Based on its market study, Lake Hill has made estimates for the two uses that it deems possible, that is, office or retail. Based on its estimates, the land could be developed as follows: Rentable square feet Rents per square foot Operating Expense Ratio Average growth in NOI per year Required return (r) Total construction cost per square foot Office 50,000 $20 45% 3% 13% $100 Retail 45,000 $22 40% 3% 14% $110 Which property type has the highest and best use (office or retail)