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Discussion of Comparable Rents <br /> We analyzed recent leases negotiated in competitive buildings in the marketplace and considered <br /> competitive listings.The comparables range in size from 1,500 square feet to 27,736 square feet. <br /> These are all located in buildings similar in class to the subject, and in the subject's competitive <br /> submarket. The comparables exhibit a range of rents from $9.00 to $16.45 per square foot. All <br /> of these are triple-net leases in which the tenant is required to pay all operating costs. <br /> We note that active listings were also included, and based on our conversations with market <br /> pariticpants, would likely achieve $1.00 to $2.00 less than asking for actual contract rent. <br /> We place primary emphasis on the two comparables in the retail center adjacent to the subject <br /> (Sunfish Commons Retail Center). We also consider differences in TI allowances, and other <br /> factors such as location. Our concluded market rent also considers our estimate of TI allowance <br /> for the subject property, which was factored into our lease up cost analysis. <br /> Based on our analysis of the comparables, we conclude to the following market rent for the <br /> subject property: <br /> MARKET RENT CONCLUSION <br /> Market Rent <br /> Retail Space $12.00 <br /> Lease Term (years) 5 <br /> Lease Type (reimbursements) Net <br /> Contract Rent Increase Projection 2.0%per year <br /> 97 <br />