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Committee recommends five‑year lease renewal with China Airlines at SFO
Summary
The committee recommended approval of a five‑year lease renewal with China Airlines covering 38,082 sq ft at San Francisco International Airport, with a reduced rate and reduced office space, yielding an annual rent of $814,955 under airport breakeven policy.
The Budget and Finance Committee recommended approval of a five‑year lease renewal between the San Francisco International Airport and China Airlines for 38,082 square feet of cargo, office and ramp space in Building 648. Kathy Widener of the airport said the renewal reduces office space by 450 square feet and lowers the rental rate from $23.77 per square foot to $21.40 per square foot to reflect changing cargo market conditions in San Francisco.
Widener said the renegotiated terms yield an annual rent payment of $814,955 to the airport. The budget analyst noted a 12.5% vacancy rate in airport cargo space and recommended approval to retain the tenant; under the airport’s breakeven policy any deficit would be allocated across airlines. The committee sent the lease renewal forward with recommendation and recorded no public comment nor objection.
