In the crowded skylines of major cities, real estate has always been about what’s on the ground—buildings, land, and the utilities running underneath. But as drone deliveries, air taxis, and new urban technologies start to take flight, the sky itself is becoming a valuable commodity. Air rights, once a niche aspect of real estate, are quickly becoming a crucial element of future city planning and investment. These rights—essentially the right to control, sell, or lease the space above a property—are poised to increase in value as new technologies revolutionize how we use the airspace over our cities.
Bob Waun, co-founder of DIRT Realty, questions why we continue to bundle property into a single asset when the future of real estate could—and should—be broken down into different layers of value. “Why do we still view property as a bundle of assets instead of separating the value into categories like air rights, mineral rights, and water rights?” Waun asks. “As we move toward a world of drone deliveries and air taxis, air rights could be just as valuable, if not more so, than the land itself.”
What Are Air Rights?
Air rights refer to the right to control, lease, or sell the space above a piece of property. Traditionally, air rights have been used in urban areas to build taller structures—developers purchase the rights to the airspace above neighboring properties in order to extend their buildings upward without violating zoning restrictions. But as aerial technology advances, air rights are being looked at through a new lens—one that focuses on the value of the airspace for transportation and logistics, not just skyscrapers.
In cities like New York, Chicago, and San Francisco, air rights are already highly prized and can command steep prices. But the potential for drone delivery systems and air taxis is making air rights even more valuable, especially for properties located in densely populated areas where vertical space is limited.
The Impact of Drone Delivery and Air Taxis
The rise of drone delivery services and air taxis could completely reshape how cities function. Companies like Amazon and Google are already working on commercial drone delivery systems, while Uber and other firms are investing heavily in the development of urban air mobility (UAM) networks—essentially fleets of air taxis that will ferry passengers through the skies, bypassing ground-level traffic congestion.
For these systems to operate, drones and air taxis will need access to specific airspace routes, landing zones, and charging stations. This makes air rights incredibly valuable, particularly in cities where the space above a building or property could become prime real estate for drone “highways” or air taxi landing pads. Properties with existing infrastructure, such as rooftops that can be converted into drone delivery hubs or vertical takeoff and landing (VTOL) pads, stand to benefit the most.
“Drone deliveries and air taxis are coming, whether we’re ready for them or not,” Waun explains. “And the space above our cities will become as important as the land beneath them. If you own air rights over a prime location, you could be sitting on a gold mine.”
Breaking Real Estate into Layers of Value
For too long, real estate has been treated as a bundled asset, with the value of a property typically tied to the building itself, the land it sits on, and any attached utilities or features. But Waun and other forward-thinking investors argue that it’s time to rethink how we value property, particularly in dense urban areas. Instead of viewing property as a single asset, it’s time to start separating the value into distinct categories: air rights, mineral rights, water rights, and more.
By treating air rights as their own standalone asset, property owners can maximize the value of their holdings. For instance, a property owner could lease their air rights to a drone delivery company while still maintaining ownership of the land and the building below. Similarly, developers could sell the air rights above a building to finance new construction or renovations without having to sell the underlying property.
“We’re at a point where air rights could become the most valuable part of owning property in a city,” Waun explains. “And it doesn’t make sense to treat it all as one asset. We need to start thinking about real estate in layers—each layer has its own unique value and potential.”
The Future of Urban Real Estate Investment
As urban air mobility becomes a reality, savvy investors will increasingly look to air rights as a valuable and potentially underappreciated asset. In cities, where the vertical space is as tightly contested as the land itself, air rights will become more valuable as the demand for drone corridors, delivery hubs, and air taxi routes increases.
Waun sees this shift as an exciting opportunity for both property owners and real estate investors. “Investing in air rights is like getting in on the ground floor of a whole new type of real estate,” he says. “In the future, we’re going to see air rights trading hands just as often as land sales, especially in cities where space is at a premium.”
Why Air Rights Are Poised to Skyrocket
Several factors are driving the increasing value of air rights in cities:
Urban Density: As cities grow taller and more crowded, the airspace above buildings becomes a valuable resource. In cities like New York, developers are already paying millions for air rights to build higher structures. As drone delivery and air taxis become more common, the competition for this vertical space will only intensify.
Logistics and Transportation: Drones and air taxis will need clear, designated routes through urban airspace. Properties with strategically valuable air rights could command high prices as logistics companies seek access to these routes.
Rooftop Infrastructure: Properties with flat or underutilized rooftops will become prime locations for drone landing pads, charging stations, and air taxi vertiports. These properties will have the added benefit of monetizing their air rights without disrupting the building’s primary function.
Sustainability: Urban air mobility solutions can help reduce traffic congestion and pollution, making cities more sustainable. Governments may incentivize the use of air rights to support green initiatives, further driving demand for these spaces.
Unlocking the Full Value of Property Ownership
For property owners, understanding the full value of air rights is key to unlocking the true potential of their real estate investments. Whether it’s selling air rights to a developer, leasing them to a drone delivery company, or creating a rooftop hub for air taxis, air rights offer a new way to generate revenue and increase property value.
“Air rights are the future of urban real estate,” Waun concludes. “And as cities become more complex, it’s time for property owners and investors to think bigger—and higher—about what they’re really sitting on. The sky is no longer the limit—it’s the next frontier for real estate.”
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