1.5.4.2. Comparable Leases. The opinion of market rent should be based on an analysis of comparable leases extracted from the market. As with the sales comparison approach, the comparable leases selected in this analysis should have the same or similar highest and best use as the subject property and reflect leases as close as possible to the effective date of value. The lease data shall be verified with a party to the transaction. It is important to identify the operating expenses paid by each party (landlord and tenant), the basis for the calculation of the leased area, and any concessions (free rent and/or tenant improvements) offered by the landlord. A physical inspection of each rent comparable is necessary to identify the quality of tenant finishes, overall building condition, and quality and location difference with the subject. As with the sales comparison approach, the appraiser must collect market data to support adjustments (quantitative and/or qualitative) to the comparable leases for differences between them and the subject property.