Leasing vacancy levels in the airport corridor are at historic lows, according to Bayleys Research, sitting at around 0.9 per cent, down from 1.5 per cent last year. This despite a hefty increase in available space.
Auckland airport earns concession revenue from a range of retail businesses in both the domestic and international terminals.
Total retail income for the 2018 financial year was $190.6 million, up by more than 17 per cent on the previous financial year.
Johnson said Bayleys' analysis pointed to similar property dynamics playing out at other New Zealand airports.
On the fringes of Queenstown airport there has been extraordinary commercial development in recent years with the Remarkables Park Town Centre, Five Mile Centre and Queenstown Central precincts springing up.
At Tauranga airport, commercial and industrial property directly surrounding the terminal and airfield remains highly sought-after and is largely on airport leasehold land. Tauranga airport requires the hangars facing the airstrip to be used for aviation-related purposes.
Nearby in Hamilton, surrounding New Zealand's second-busiest commercial airport, is the master-planned Titanium Park. A joint venture between McConnell Property, Hamilton airport and Todd Property, this business park has the key attraction for tenants of being bound by two state highways, with State Highway 1 a few kilometres away.
- Material supplied by Bayleys