When it comes to land near an airport, we often think of noise pollution and traffic-heavy thoroughfares that make life more difficult. While not always ideal for residential development, these spaces can be especially lucrative in terms of commercial real estate. Offices close to major airports benefit from being a short distance away, which is key in saving time and headaches when having customers, investors, or other employees travel in for business.
If your firm is one that requires easy access to freight gateways, a location close to an airport can also be a great way to cut down on shipping fees and wait times. For example, according to Logistics Management, “Miami (MIA), the gatekeeper of trade between Latin America and the U.S., dominates the fresh flower and seafood markets, … [handles] 71.6 percent of all U.S. perishable air imports. As a gateway airport, occupiers that need to be within 3 miles of the gates have driven low vacancies and increasing rents.” Airports in regions heavy with perishable goods are often surrounded by industries needing to transport time-sensitive cargo.
The same publication also lists areas surrounding Chicago and LAX as having major advantages in terms of airport real estate, which lists “location advantages, combined with ongoing infrastructure investment,” as factors in success.
Phoenix Sky Harbor has seen major improvement to its infrastructure, particularly with easier connections to the surrounding area thanks to the Sky Train expansion. Centrally located between Downtown Phoenix and Tempe, and minutes from most major freeways, the 3,000 acre airport sees just over 40 million passengers a year, with almost half a million takeoffs and landings on its three runways. As one of the largest airports in the country, it is a strategic location for businesses nearby.
This overall attraction often makes rent index’s rise, as demand for real estate in similar areas often skyrockets and remains uninhibited by market fluctuation compared to other commercial real estate locations. It can often become difficult to secure a lucrative location for your business in such a climate.