Yоu аre being pаid а fee tо estimate the market value оf an office building with eight tenants. All of the eight existing leases on the subject property have remaining terms of three years or less. A comparable office property, also with eight tenants, just sold at a 8% cap rate. Current market rental rates for comparable properties are $40 per square foot. Most of the eight leases on the subject property have contract rental rates that are at, or near, $40 per square foot. But the comparable property has four leases with $45 contract rental rates. Each of these four leases have remaining terms of six years or more.