Samsung lease rate reflects impact of falling property values

12/23/2009 | Wall Street Journal, The

The consequences of plummeting U.S. commercial real estate values are starting to flow through to lease rates. Samsung Electronics America just leased 193,000 square feet in an office building in Ridgefield Park, N.J., for $20 per square foot in a market where the lease rate for comparable space is in the vicinity of $31 per square foot. As a part of the deal, Samsung also got $40 per square foot in tenant improvements.

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