Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You need 4,000 square feet of unable office space. A leasing broker shows you space in a 10-story multi-tenanted office buildingThis building contains 1,100,000 square
You need 4,000 square feet of unable office space. A leasing broker shows you space in a 10-story multi-tenanted office buildingThis building contains 1,100,000 square feet of gross building area A total of 150,000 square feet is interior space and is nonrentable. An additional 20,000 square feet of common lobby area on the 1st floor is usable by all tenants , as well as an additional 10,000 feet a common reception area and kitchen. The 4,000 square feet of usable area that you are looking for is the remaining useable area on the fourth floor, which contains 95,000 square feet of rentable area, and is leased by other tenants who occupy a combined total of 1,500 square feet of usable space . The leasing broker indicated that base rents will be 50.00 per square foot of rentable area
Information Given \begin{tabular}{|r|r|} \hline usable office space you may rent (sq. ft.) & 4,000 \\ gross building area (sq. ft.) & 1,100,000 \\ nonrentable space in buidling (sq. ft.) & 150,000 \\ 1 st floor common lobby (sq. ft.) & 20,000 \\ 1 1st floor common reception/kitchen (sq. ft.) & 10,000 \\ 4th floor total rentable area (sq. ft.) & 95,000 \\ 4th floor useable area rented to other tenants (sq. ft.) & 81,500 \\ base rent of rentable area (per sq. ft.) & $50.00 \\ \hline \end{tabular} a. Calculate the 4th floor load factor to adjust the useable area for the comma area on the 4th floor
b. Calculate a load factor to adjust for common area usable by all tentants in the building
c. Calculate the load factor you will pay based on the common area to your floor as well as the building.
d. Calculate the total rent you would pay in the first year
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started