11.16. You are a financial analyst constructing a multiyear proforma to value a potential property acquisition. As part of the analysis, you are considering the most likely sce- nario for a certain space for which the current tenant's lease will expire at the end of 2008. You estimate the following: the probability the existing tenant renews is 50 per- cent; if the tenant renews, you will need to spend an estimated $5/SF to upgrade the space; should the tenant not renew, it will take $15/SF to modernize the space for a new tenant; and you expect there will be six months of vacancy. Leases in this prop- erty are triple-net with the owner responsible for operating expenses associated with vacant space. Reimbursable building level operating expenses are expected to be $5.50 in 2009, while market rent for triple-net leases is expected to be $14/SF. What is the expected property before-tax cash flow forecast (on a per square foot basis) you will put in year 2009 of your proforma for this space