Small City currently has one million square feet of office space, of which 900,000 square feet is occupied by 3,000 employees who are mainly involved in professional services such as finance, insurance and real estate. Small City's economy has been fairly strong in recent years, however due to current global recession, growth in employment is expected to be somewhat low over the next few years, with projection an increase of just 100 additional employees per year over the next three years. The amount of space per employee is expected to remain the same. Nevertheless, a new 50,000 square-foot office building was started before the recession and its space is expected to become available at the end of the current year (one year from now). No more space is expected to become available after that for quite some time. (a) Calculate the current occupancy rate for office space in Small City. (5 marks) (b) Calculate the occupancy rate at the end of each year for the next there years. (5 marks) (c) Calculate the amount of office space that will be absorbed each year for the next three years. (5 marks) (d) Evaluate the Small City's office market condition over the next there years based on the above analysis.