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A tenant is considering 5-year gross lease, starting at $320/m2 in arears, with step-ups of $5 each year. Operating expenses are 20% of rent. What

A tenant is considering 5-year gross lease, starting at $320/m2 in arears, with step-ups of $5 each year. Operating expenses are 20% of rent. What is the effective rent to the tenant?

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