7.5.3 Forecast Period for Market Study

A. The Forecast period for the Net Demand Analysis should be a three-year period starting at the effective date. Extenuating circumstances may require construction and lease up to stretch to a fourth year due to the regulatory environment or the nature of construction in the subject market (e.g., dense markets, high rises in central business districts). If the demand period exceeds three years, demand should be adjusted to match the specific term of the Forecast period. The longer demand periods must include an estimate of new supply beyond three years.