CLIENT:

Port Authority

LOCATION:

USA

CHALLENGE:

A major tract of near dock land behind a terminal was coming up for rent reviews. Additionally, a large port owned industrial tract located off port but under a port related use was also coming up for rent review as well. The port director felt current rental rates for both sites were under ‘market’ but had no way of gauging this locally.

SOLUTION:

Aegir was engaged to undertake a comprehensive assessment of the two sites, the general market conditions for industrial land in the region and land at comparable port facilities and uses and determine what the ‘market’ rents should be for both.

Through a combination of in depth local and like kind port market and property analyses and using established valuation approaches market values and corresponding lease rates were established and corroborated resulting in lease more than fifty percent of existing ones.

THE NET RESULTS:

Through a combination of in depth local and like kind port market and property analyses and using established valuation approaches market values and corresponding lease rates were established and corroborated resulting in lease more than fifty percent of existing ones.