Firms feel a need for facilities near airports – and pay a premium for them
Warehouses and distribution facilities near major airports enjoy an average rent premium of nearly 20% ...
There is something of a kerfuffle gong on in New York. The state governor, in his wisdom, has suggested that the air cargo operations at JFK should relocate to Stewart International, up the road in Newburgh. Labelling the idea “half-baked” and “impractical”, Brandon Fried, executive director of the Airforwarders Association, added: “the idea is so bad that it will fall on its face”.
New York State wants to set up a tax-free zone at Stewart in the hope that manufacturers would flock to a single distribution centre, which already houses FedEx and UPS. Meanwhile, more space would allow JFK to embark on a redesign of the airport. But with about half of JFK’s freight flows carried in bellies, it seems unlikely that Stewart would gain many customers.
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Alex Lennane
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