Every aviation business I run lives on airport property. That simple fact pulled me into real estate, and the deeper I went, the more I came to believe that general aviation airports are among the most under-appreciated pieces of real estate in the country.
The supply problem
At most growing general aviation airports, hangar space is sold out and the waiting list is measured in years. Aircraft sit outside in the Florida sun because there is nowhere to put them. New hangar construction is constrained by available land, airport approvals, financing on leased ground, and the simple fact that few developers understand the airport environment well enough to try.
What makes airport real estate different
You generally do not own the land; you hold a ground lease from the airport sponsor, often a city or county, with a term long enough to justify building. The airport's minimum standards dictate what you can do. Federal grant assurances shape how the sponsor must treat tenants. Environmental review, stormwater, and access to the ramp all matter. It is a specialized discipline, and that specialization is exactly what keeps the opportunity open.
The public-private angle
Airport sponsors need infrastructure they cannot fund from public budgets. Private developers need durable, income-producing assets. A well-structured hangar or service facility can serve both, along with the pilots and businesses that use it. That alignment is the thesis behind Latitude 98 Development.
Where this goes
I believe the next decade will see small airports either revitalized as modern general aviation facilities or lost to other uses. The difference will often come down to whether someone who understands both aviation and development chose to show up. I intend to be one of the people who shows up.