ACRP-Problem-No-12-01-14.pdf
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1、ACRP Problem No. 12-01-14 Property Management Strategies for Airports ACRP Staff Comments: This is follow-on research identified in ACRP Synthesis Project S03- 06, Adaptive Reuse of Vacated On-Airport Facilities. TRB Aviation Group Committees Comments: AVIATION ECONOMICS AND FORECASTING CMTE - While
2、 the committee cant speak to the need for this research, if selected, it may be worthwhile to look outside the airport world for ways of identifying and planning for many types of tenant risk. While many airport tenants are pretty specifically tied to aviation and airport applications, the problem o
3、f tenant risk is a universal one in commercial real estate, so it seems natural to look for guidance in that broader environment. AIRPORT TERMINALS AND GROUND ACCESS CMTE - We do not recommend funding. Airport business managers have considerable experience dealing with bankruptcies, mergers, acquisi
4、tions, and vacancies. Leases and concession agreements are already structured to anticipate and deal with these occurrences. There is already related published research on airline agreements and airport contracting. Review Panel Comments: Not recommended The research would be difficult as each airpo
5、rt operates differently-every state and jurisdiction is different. A simpler guide that would highlight best practices among airports to avoid the risks associated with tenant business failures would be better. The title doesnt reflect the research objectives which are more tied to business risk ana
6、lysis. AOC Disposition: No funds allocated. No discussion. A AC CR RP P Problem NumberProblem Number: 12-01-14 I. PROBLEM TITLE Property Management Strategies for Airports II. RESEARCH PROBLEM STATEMENT As the airline industry continues to consolidate and strives to achieve greater efficiencies and
7、lower costs, airports are responding to an environment where demand (and rent) for facilities is not only less predictable, but can disappear, sometimes at short notice. Bankruptcies, mergers and capacity cuts have resulted in reduced occupancy of terminals and concourses and in terminated leases on
8、 a variety of buildings including maintenance and cargo facilities, hangars, catering kitchens and other support centers. The challenges associated with vacant aeronautical properties can be vexing. When an airline or other service provider vacates a property, particularly during a bankruptcy, an ai
9、rport may unexpectedly become responsible for closing the facility, remediating hazardous conditions left by the tenant, providing additional security resources to the property, and implementing a reuse strategy. Usually these tasks are unbudgeted expenses for the airport. The loss of revenue from t
10、he property can also have a significant impact. The incidence of aeronautical vacancy is not widely reported beyond individual airports. Reuse strategies for these types of facilities elicit a broad spectrum of airport responses. If bankruptcy is involved, it will often take time to resolve ownershi
11、p and financial obligations on a property. Properties can stay vacant for years. Airports may pursue a strategy to find replacement tenants, renovate a facility for an alternate use, or demolish a facility for redevelopment. III. OBJECTIVE The objective of this project is to develop a toolbox of str
12、ategies for airport managers to lease properties with adequate protection to collect rent due, to protect the airport in the event that a lease is rejected during bankruptcy proceedings, to make provisions for end-of-lease clean-up, remediation and/or demolition, and to put in place an annual review
13、 of properties that identifies at risk tenants and measures to address potential vacancies. IV. RESEARCH PROPOSED The research proposed comes directly from ACRP Synthesis 03-06 which investigated ten case studies of aviation facilities that became either underutilized or vacant. The Panel and Princi
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