You are a commercial Landlord and own a multi-tenant building for which you paid $10,000,000 using an 10% cap rate based on the fully leased building that has a GLA of 200,000 SF. Your total costs to operate, maintain, insure and pay taxes for the building, including all the expenses to provide services within the Tenant spaces, is $2,000,000 annually. (For simplicity, assume that you have no other expenses other than what we will define here as Operating Expenses). Question: You now have vacancy of 10,000 SF. A new tenant would like their Rent quoted NNN, what is that Rent in Per Square Foot? (Assume no changes to any expenses, cap rates or other financial factors).