Five years ago, when space in better downtown buildings rented for $38 or $40 a foot, the base taxes and operating expenses were about $8.

"I am convinced this space will rent," he said.

The industrial space is renting for $5 a square foot annually, including taxes.

The $1.6 million project will be completed in May, and its space will rent for about $30 a square foot.

A similar space elsewhere in the trade center complex would rent for roughly $6,000 a year without furniture.

And brand-new space is renting for $5 to $10 a foot less than on the east side.

Although the lease terms are intended to be confidential, outside observers say the space rented for substantially less than the asking price.

"In that neighborhood, a comparable space would rent for $20,000 a month."

He estimated that a similar space in Manhattan would rent for about $6,000.

The space is renting for about $24 a square foot per year.