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~ CONSULTATION (continued) The office leases indicate a range of $116 to $1.41 per square foot for office space on an adjusted basis. Comparables 1 through 4, which indicate a range of $1.16 to $1.34, aze existing CBD office buildings whiclt aze generally inferior in physical and locational influences with respect to the subject. Comparables 5 and 6($1.24 to $1.41/SF) are structures which aze under renovafion or new construction at the present fime, and reflect new product in the CBD or extended CBD. However, these two comparables aze considered inferior in overall locaflonal influences to the subject. Overall, based upon the upper range of the comparable data as most applicable to the subject, the office rent conclusion per square foot on an overall basis for the subject is concluded at $1.40 per squaze foot per mon[h. This reflects the market rent, assuming Marion County occupancy. Regarding the pazking space conclusion, the market data indicates a range of rental rates for parldng per space per month of $35 to $50: Recognizing the subject's combination of subsurface and surface parldng, a rental rate of $45 per month will be used in this analysis. ('ompara iv TxacP/u, iid Analy~:~ Technique On -TPace~ V~~c R~~;Id--The first technique is the present value of the market rent for the office and parldng income stream over the 26-year period using discounted cash flow analysis wnverted to dollazs per squaze foot of the 114,557 square feet of County space. This cost will be compazed to the total esfimated building costs including all d'uect and indirect costs, as provided by Melvin Mark Development Company. A copy of the cost esfimate is included in the Addenda of this report, which is reported at $30,670,149. The total cost estimate is reduced by the amount of the transit district grant ($9,844,000), resulting in a residual amount attributed to the Marion County interest or position in the project ($20,826,149). The time period for analysis begins in fiscal year July 1999. Therefore, the concluded February 1998 market rental rates will be trended to July 1999. Market data indicates cunent annual rental escaladons rates of 3 to 5 percent. A conclusion of 3.5 percent or .29 percent per month will be applied to the concluded mazket rental summarizecl as follows: Office: $1.40/SF x.29%/mo. x 17 mos. +$1.40/SF =$1.47/SF/mo.