Market Value Characteristics for Property at Small Airports

Staff from smaller airports typically lack specialized expertise in the negotiation and development of airport property or the resources to hire consultants. It’s not uncommon for public works managers or other managers within a city or municipality to have responsibility for managing an airport even though they may lack experience in doing so. This may not be of concern while managing the day-to-day operations, but it becomes important when considering development of property, when approached by a developer (not in response to a solicitation), or when it’s time to re-evaluate current leases. Reaching out to airport peers can be of assistance, but the localized nature of determining market value for airport property development may still leave the airport manager with a lack of appropriate information. Airport market value evaluation takes into account many factors including airfield and facility characteristics. There is little guidance for airport managers from smaller airports on how to use facility characteristics and other factors to estimate market value for leases at their airports. The objective of this project is to develop a guidebook to help airport managers from small airports estimate the market value for leases by identifying the types of airport characteristics and factors that are considered. The guidebook should include at a minimum: (1) Glossary of terms. (2) Requirements for aeronautical vs non-aeronautical lease rates. (3) How to identify comparable airport markets. (4) Techniques and methods for developing a process for consummating contracts and agreements with lessees. (5) Best practices for negotiating with prospective or current lessees; and (6) Best practices for re-evaluating current leases. 

• Record URL:
  http://apps.trb.org/cmsfeed/TRBNetProjectDisplay.asp?ProjectID=4418

Language

• English

Project

• Status: Active
• Funding: $200000
• Contract Numbers:

  Project 01-38

• Sponsor Organizations:

  Airport Cooperative Research Program

  Transportation Research Board
  500 Fifth Street, NW
  Washington, DC    20001

  Federal Aviation Administration

  800 Independence Avenue, SW
  Washington, DC  United States  20591
• Project Managers:

  Greenberger, Marci

• Performing Organizations:

  Aviation Management Consulting Group

  9085 E. Mineral Circle, Suite 315
  Centennial, CO  United States  80122
• Principal Investigators:

  Kohlman, Jeff

• Start Date: 20180509
• Expected Completion Date: 20190608
• Actual Completion Date: 0
• Source Data: RiP Project 41850

Subject/Index Terms

• TRT Terms: Airport operations; General aviation airports; Guidelines; Land values; Leasing; Market value; Property values
• Subject Areas: Administration and Management; Aviation; Finance; Planning and Forecasting; Terminals and Facilities;

Filing Info

• Accession Number: 01642753
• Record Type: Research project
• Source Agency: Transportation Research Board
• Contract Numbers: Project 01-38
• Files: TRB, RiP
• Created Date: Jul 29 2017 1:01AM