Highest and best use is a concept addressing property value that focuses on answering all of the following questions except:

The concept of highest and best use is primarily concerned with determining the most productive use of a property that is legally permissible, physically possible, financially feasible, and maximally productive. It focuses on aspects that influence the market value of the property.

Regarding the choice that suggests whether the use is preferred by the tenants, this reflects an opinion rather than a requirement for highest and best use. While understanding tenant preferences can certainly contribute to property management and decision-making, it does not directly influence the intrinsic value of the property from an investment standpoint. In other words, a use can be the highest and best from an economic perspective without necessarily aligning with what tenants prefer.

On the other hand, the factors that the concept explicitly addresses—such as social acceptability, legal permissibility, and environmental compliance—are essential considerations. A use must be acceptable to society, conform to the law, and meet environmental standards to determine its viability and impact on the property's value. Therefore, the focus of highest and best use is on more objective criteria rather than subjective tenant preferences.