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Income Approach -- continued <br />Tenant/Building Size: Generally, as building size increases cost of construction tends to decrease. <br />Comparables adjusted accordingly. The adjustment is based on discussions with market participants as <br />well as previously observed rents. <br />Expenses: The comparable expenses range from $3.00 to $8.75 per SF. The expenses for the subject <br />are in line with market. <br />Conclusion Market and Subject Rents: <br />Indicator <br />Un-adjusted Rate per SF <br />Adjusted Rate per SF <br />Range <br />$5.00 - $22.26 <br />$5.00 - $11.04 <br />Average <br />$9.89 <br />$7.81 <br />Median <br />$8.00 <br />$7.16 <br />About equal weight is provided to the comparable rents. Considering the above data, the subject <br />location, characteristics, quality, and the current market conditions, a value near the mid -range is <br />considered appropriate. <br />Correlated Rate: <br />Net <br />$8.00 <br />Other Income: No other income sources noted. <br />