Syracuse Hancock International Airport Commercial Real Estate Portfolio Review and Market Assessment
The City of Syracuse/Syracuse Regional Airport Authority (SRAA) expressed an interest in exploring revenue diversification opportunities to maintain and enhance the competitive position of Syracuse Hancock International Airport. C&S evaluated the airport’s existing real estate portfolio and assessed market potential for commercial uses on airport property.
C&S’s efforts were focused specifically on what market-supported real estate opportunities existed, at what scale, and when, in order to support the SRAA’s decision-making regarding how to best capitalize on opportunities at the airport over a 20-year planning horizon.
Identifying the market-supported real estate opportunities on airport land involved a multi-step approach, including client and stakeholder meetings, market fieldwork and land use inventorying, demographic and economic research, market metrics, GIS analytics, benchmarking, and demand modeling and projections analyses. Assessment findings outlined the market-supported uses for the subject property and provided estimates of demand supported on site by phase for each identified use.
Preliminary real estate product concepts for office, industrial/flex, retail, restaurant and hotel uses were identified. C&S also recommended next steps for the implementation of the revenue diversification opportunities.