2013 United States Airport Outlook, by Jones Lang LaSalle
The Jones Lang LaSalle PAGI report ranked Miami International Airport as the best near-term prospect for real estate due to its ties to growing trade lanes and a diverse tenant base. The report provides a snapshot of U.S. airports from the vantage point of a real estate stakeholder.
- Inbound and outbound food/perishables are among the only commodities with good growth potential in the near term, while a multitude of factors hold back overall air cargo growth in and out of the country.
- E-commerce distribution is generating investment opportunities near major cargo hubs, but these are more difficult for investors to capitalize on as they are relatively small in number and frequently involve complex negotiations with state and local authorities.
- As can be seen in both Miami and, to a lesser extent, Houston, perishables including flowers and fruit are driving positive growth. These markets are capitalizing on their “center of the hour glass” position connecting Central and South America to U.S. population centers.
- Overall, the air freight market today must be viewed as one of continued instability. With a few exceptions, underwriting long-term investment into aviation related real estate will remain a challenging task, at least for the near term.
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