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by the Building Owners & Management Association (BOMA).35 The
BOMA information reported median income of $1.26 per square foot
for office space and $1.40 per square foot of retail space, both
on a full service expense structure.
In addition to the BOMA information, Mansbach utilized 4
full service leases of commercial property, which he viewed as
comparables. One of the properties used by Mansbach as a lease
comparable was located in Belmont, a city neighboring Redwood
City. The other three were located in Redwood City. However,
Mansbach did not provide an address for one of the properties
located in Redwood City, nor did he provide an address for the
property located in Belmont.36 Mansbach stated that the lease
information was provided by Cornish & Carey, a local commercial
real estate firm. In addition to providing the lease
information, brokers from Cornish & Carey told Mansbach that
rents within the mid-San Mateo County area for office space, as
well as commercial space within the immediate subject market
area, averaged at $1.00 per square foot per month on a full
service expense structure.
After consideration of the lease comparables and the other
information, Mansbach concluded that an average market rent, with
35 According to Mansbach, BOMA is an organization which has
"established industry standards in terms of building area
measurements, income and expenses, on a nationwide basis."
36 Mansbach listed "NA" as the location for these properties
in his comparable office leases table. We assume "NA" to mean
"not applicable".
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