Airport real estate values: What drives growth?

摘要

This paper offers guidance to airport managers who are evaluating their real estate and land asset management strategies. Through an international benchmark study of airport property values, it identifies the key factors of growth in land prices and rent levels, and quantifiesthe resulting increase in real estate values at the airport and in the surrounding airport area. The paper has three key findings. First, airport areas experience a long-term increase in property values across all land use categories, with the sharpest price increases taking place in the firstten years of development. Second, direct airport access generates a significant price premium, with commercial and industrial plots located in airport areas achieving higher property values and rent levels compared to competing locations that do not have direct airport access. Finally, eightkey factors of growth that lead to long-term increases in airport property values are identified. The paper concludes with four key questions that decision makers should consider when evaluating their future real estate strategy.