Steven Cole has substantial experience in the appraisal of airport properties for a variety of purposes.

Aviation Industry Appraisals

He has worked for many clients who requires appraisals of airport properties for performing rental analyses, valuation studies, and the valuation of fee and leasehold interests

Types of Services Offered

Market Rent Analysis For Airport Owned Properties 

An airport appraisal is based on the appraisal process that is used for any other type of property. The main difference in airport appraisal is that airport land rarely sells. Appraisal assignments at airports, particularly if the property to be appraised is part of or owned by the airport, are for market rent. Market rent appraisals are needed by airport officials for master plan updates, new airport development, negotiation for new leases and renegotiation of existing leases.

In order to establish market rent for an airport owned property, the site and/or buildings are inspected and pertinent relative data is gathered. General market conditions are also considered. These items are paramount in establishing the opinion of highest and best use. Most typically, airport properties have an aviation related highest and best use. The opinion of highest and best use for the subject is the driving force in identifying comparable properties that will be used in the rental analysis of the subject.

For rental comparables, peer or competitive airports are inspected within the subject market area. Several considerations go into choosing the airports with which to compare with the subject. We consult the Federal Aviation Administration’s published data for airport operations, based aircraft and passenger enplanements (if any) within the market area of the subject. Following are typical conditions considered in choosing comparable airports, as well as adjustment considerations in comparison with the subject.


Economic Climate

  • Number and type of based aircraft
  • Number of operations and type of traffic
  • Number of passenger enplanements


  • Proximity to business center
  • Proximity to alternative transportation
  • Proximity to competing airports
  • Demographics/population base


  • Runway length
  • Number of runways
  • Navigational aids
  • Controlled versus non-controlled airspace

After the competitive airports are selected, each airport is inspected by the appraiser. The airport property manager is interviewed in order to obtain leasing and overall market data with which to compare with the property. Rental data from the subject airport is also gathered, discussed and analyzed. A market rent opinion for the subject property is ascertained based on adjusted rental data from comparable properties in competing airports.


A narrative discussion is provided for the reasoning behind each adjustment. The results of this analysis provide a reasonable and well supported opinion of market rent for the property.