You are considering purchasing an undeveloped plot of land that is zoned for commercial use. You have undertaken a market study showing that two types of uses are possible: (i) office or (ii) retail. These are the options you face: Office Retail Rentable square feet 100 000 80 000 Rents per square foot EUR 24 EUR 30 Operating expense ratio 40% 50% Average growth in net operating income (NOI) per annum 3% 3% Required return 13% 14% Total construction cost per square foot EUR 100 EUR 100 Which would be the highest and best use of this site