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Atlanta’s Hartsfield-Jackson ranks No. 8 in Jones Lang LaSalle 2013 Airport Index identifying markets with strongest investment potential
CHICAGO, March 19, 2013 —
Miami, Chicago and Memphis are ranked as the top three U.S. airport
real estate markets offering the strongest leasing and investment
potential, according to Jones Lang LaSalle’s U.S. Airport Real Estate Index. The index, part of the firm’s U.S. Airport Outlook 2013,
report identifies these markets as bright spots in an otherwise
turbulent environment for airport real estate owing to volatility in the
air cargo industry.
“Fuel costs are high and total air cargo growth is stagnant but there
are regions that offer strong investment opportunity,” explains John
Carver, head of Jones Lang LaSalle’s Ports Airports and Global Infrastructure (PAGI)
group. “Airport real estate investors should consider airports that
benefit from growing trade with regions such as Asia and Latin America;
airports that transport perishable goods (i.e., flowers, fruit); and
those with close proximity to dense population centers that are high
priority e-commerce delivery destinations.”
The report, which measures the nation’s top 12 airports against
qualitative and quantitative criteria including cargo volumes,
infrastructure plans and real estate conditions found that:
Atlanta: No. 8 Airport Real Estate Market in the U.S.Home to the world’s busiest passenger airport, where more than 90 million passengers arrived and departed in 2012, Atlanta ranks as the No. 8 airport real estate market in the United States. Like L.A. (LAX), Chicago (ORD), New York (JFK) and Miami (MIA), Atlanta’s Hartsfield-Jackson International Airport is an international passenger gateway airport with a higher percentage of international cargo than domestic air cargo (58 percent international vs. 42 percent at ATL).
The biggest capital investment at Hartsfield-Jackson in recent years is the $1.4-billion Maynard Holbrook Jackson Jr. International Terminal, which opened in May 2012.
“The international terminal is huge for Atlanta,” said Steve Grable, JLL Senior Vice President of Port, Airport and Global Infrastructure. “With the enhanced ability to provide international flight connections, Hartsfield-Jackson plays an important role in attracting companies and decision-makers looking to establish global centers in both the office and industrial sectors.”
Among the notable trends and development activity in Atlanta’s Airport market:
Powerhouse Regions: Top U.S. Cities for Airports (see Fig. 1)The *top markets in 2013 are ranked as follows: 1. Miami (MIA)2. Chicago O’Hare (ORD)3. Memphis (MEM)4. Los Angeles (LAX)5. Newark (EWR)6. New York (JFK)7. Indianapolis (IND)8. Atlanta (ATL)9. Dallas Fort-Worth (DFW)10. Louisville (SDF)11. Anchorage (ANC)12. Oakland (OAK)*These markets represent the top opportunities for investment in the real estate surrounding the airports.
Top officials in the air cargo industry anticipate a return to
growth. “The global economic downturn, rising fuel prices, and improving
surface transport mode options have dampened air cargo growth,”
according to the Boeing World Air Cargo Forecast 2012 – 2013.
“On the other hand, long-term projected economic and international
trade growth, the continuing globalization of industry, increasing
adoption of inventory-reduction strategies, and ongoing renewal of the
world freighter fleet with more efficient capacity should help world air
cargo traffic growth return to a rate closer to historic norms.”
Additional InformationThe full Airport Outlook report
examines each of the top twelve airport real estate markets, analyzing
their industrial real estate market, the nature of their air cargo
business, and detailing local market trends.
JLL’s fourth annual seaport report,
released in late 2012, illuminates the impact of transportation costs
and global trade, showing commercial real estate surrounding major U.S.
seaports outperforming the broader industrial market. For more information on e-commerce’s impact on the industrial and distribution center markets, see JLL’s 2013 Big Box Outlook, here.
Fig.1.About Jones Lang LaSalleJones
Lang LaSalle (NYSE:JLL) is a professional services and investment
management firm offering specialized real estate services to clients
seeking increased value by owning, occupying and investing in real
estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates
in 70 countries from more than 1,000 locations worldwide. On behalf of
its clients, the firm provides management and real estate outsourcing
services to a property portfolio of 2.6 billion square feet. Its
investment management business, LaSalle Investment Management, has $47.0
billion of real estate assets under management. For further
information, visit www.jll.com.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s global media center Web page http://www.joneslanglasalle.com/Pages/News.aspx.
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