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Port staff proposes FY2014–15 rent schedule: office rents up about 6%, mixed changes for land and warehouses
Summary
Real Estate staff proposed a parameter rent schedule that would increase office rents roughly 6%, adjust warehouse and land rates variably and preserve parameter rents as a tool for executing small leases without full commission review.
Port real-estate staff presented the proposed fiscal-year 2014–15 parameter rent schedule to the commission on May 28, and staff described the approach used to balance market data, facility condition and affordability for small tenants.
Nate Cruz, Financial Analyst in Real Estate, said the port proposes a general 6% increase in office rents with selected higher adjustments (one office increase cited as high as 30% for a specific property), an overall warehouse-rate increase of about 3%, and small reductions in some unpaved and paved land rates. Cruz…
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