Many of the small businesses at the airport are seeing increasedsecurity deposits and complain that they received no warning aboutthe rent increase. The city's airports division said the agency hadno intention of forcing out tenants.
Officials said rents at Brown Field have been below market foryears and are being raised now only because the city was unable totake action while involved in negotiations to turn the airport intoa cargo facility. Efforts to develop the cargo facility failed inOctober.
Rent hikes are needed to pay for security, roads, utilities andother infrastructure, officials say.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
