Use the information provided below to estimate the market value of the oice building that has been described. Type of Property: Ofce Building Leasable Space: 75,000 square feet Average Rent: $20 per square foot per year Expected Rent Growth: 3% per year Vacancy and Collection Losses: 10% of potential gross income Other Income: $1.25 per square foot per year Expected Growth in Other Income: 3% per year Operating Expenses: 45% of effective gross income Capital Expenditures: 3% of elfective gross income Going-In Cap Rate: 7% Going-Out Cap Rate: 7.25% Selling Expenses: 5% of future selling price Discount Rate: 8% a. What is the market value of this property according to the direct capitalization approach? b. What is the market value of this property according to the discounted cash ow approach? Assume that you are going to sell the propeity at the end of the 5111 year of ownership