The rise of drone delivery and urban air mobility (UAM) is creating new opportunities in real estate, where air rights—the legal control over the vertical space above properties—are rapidly increasing in value. Historically, air rights have been a key part of real estate transactions in cities like New York City, Los Angeles, and Miami, where developers have used them to build taller skyscrapers. But now, with technologies like drones and air taxis on the verge of becoming mainstream, airspace is evolving into a highly valuable and strategic asset, both in dense urban centers and even in rural areas.
In fact, global cities such as Dubai, Shenzhen, and Singapore are already leading the charge, exploring how to monetize their skies by integrating aerial transportation and logistics systems into their urban planning. These developments present a unique opportunity for real estate investors, developers, and city planners to rethink the traditional value of property, unlocking new layers of potential by separating air rights from the land and buildings below.
Bob Waun, co-founder of DIRT Realty, is at the forefront of this evolving real estate landscape. “We need to stop looking at property as just the ground and what’s built on it,” says Waun. “The space above our cities is becoming just as valuable. In the future, we’re going to see air rights being traded as frequently as land, especially as drones and air taxis become part of everyday life.”
The Value of Air Rights in Major Cities: NYC, LA, and Miami
Air rights have long been a key element in high-density urban areas like New York City, where the competition for vertical space has driven prices sky-high. According to Cushman & Wakefield, the value of air rights in Manhattan can range from $200 to $400 per square foot, depending on location and zoning restrictions. Developers purchase air rights from neighboring buildings to construct taller structures, maximizing their returns in a city where horizontal space is limited.
Los Angeles is beginning to see a similar trend as the city continues to grow upward, particularly in areas like Downtown LA and West Hollywood. While air rights have historically been less valuable in sprawling cities like LA, the rise of drone technology and interest in urban air mobility is putting new pressure on vertical space. As companies like Uberand Volocopter work to bring air taxis to LA, experts predict that air rights will soon be traded at a premium, much like in NYC.
“Los Angeles has always been spread out horizontally, but that’s going to change,” Waun explains. “With the introduction of air taxis and drones, the airspace above these buildings is going to become highly valuable. Property owners need to start thinking about how they can monetize that space.”
In Miami, where vertical development has long been the norm, air rights are becoming even more important due to the city’s vulnerability to climate change and rising sea levels. As the city looks to the future, developers are exploring ways to use air rights to build upward while also planning for drone delivery networks and air taxi routes that will help alleviate ground-level congestion and keep the city moving.
Rural Air Rights: A New Frontier
While air rights have traditionally been an urban concept, the rise of drone delivery is bringing new value to rural areas. Companies like Amazon and Walmart are working on expanding their drone delivery networks to reach rural customers, meaning that airspace in regions like Georgia and Michigan could soon become a valuable asset.
In rural areas, drones will need to fly over vast tracts of land to deliver goods, and owning the air rights over key logistics hubs or near transportation corridors could become highly profitable. While the value of rural air rights is still developing, experts predict a steady increase as more companies adopt aerial delivery as part of their logistics operations.
“Rural air rights are a sleeper investment,” says Waun. “Right now, people aren’t thinking about the value of airspace in rural areas, but that’s going to change as drones become a primary method for delivering goods to remote locations. Landowners could lease or sell their air rights for a premium once drone corridors become established.”
The Global Perspective: How Other Countries Are Monetizing Air Rights
While the U.S. is beginning to recognize the value of air rights, other countries are already taking major steps to monetize their skies.
In Dubai, where smart city development is a major priority, the government is actively investing in urban air mobility infrastructure. Dubai’s Roads and Transport Authority (RTA) has partnered with companies like Volocopter to explore air taxi routes, and the city’s airspace is being integrated into the larger framework of Dubai 2040, a strategic plan for the city’s long-term growth. Dubai’s skyline is already filled with towering structures, but the introduction of drone delivery hubs and air taxi landing pads will make its air rights more valuable than ever. Learn more about Dubai's air mobility projects from the Volocopter website.
Shenzhen, one of China’s fastest-growing cities, is another leader in the aerial logistics space. With the rapid adoption of drones for commercial deliveries, Shenzhen’s air rights are becoming a valuable commodity. According to a report by CB Insights, China’s urban air mobility market could exceed $10 billion by 2030, with major cities like Shenzhen and Guangzhou playing pivotal roles. The Chinese government’s forward-thinking policies on airspace regulation are creating opportunities for real estate investors to capitalize on the drone revolution.
Meanwhile, Singapore is taking a similar approach. With limited landmass and a dense population, Singapore is exploring ways to incorporate aerial logistics into its urban infrastructure. The government has partnered with companies like Skyports to develop drone delivery networks and urban air mobility solutions that will make air rights a critical asset for property owners. Check out Skyports to learn more about their work in integrating drone infrastructure into cities like Singapore.
“Globally, cities like Dubai and Shenzhen are leading the way in monetizing their skies,” Waun says. “The U.S. is just starting to catch up, but if we follow their example, air rights will become a major part of real estate portfolios in the coming years.”
Projections for Air Rights Growth
As urban air mobility and drone delivery networks become more widespread, the value of air rights is expected to grow exponentially. By 2030, the global urban air mobility market is projected to be worth $12.4 billion, according to Morgan Stanley. This growth will drive up the value of airspace in major cities and rural areas alike.
In cities like New York, Los Angeles, and Miami, air rights could increase in value by 30-50% over the next decade as drone corridors and air taxi routes are established. Meanwhile, rural air rights could see a 15-25% increase, particularly near logistics hubs, highways, and other key infrastructure that supports aerial delivery systems.
“Air rights are poised for massive growth, both in cities and rural areas,” Waun concludes. “Whether you’re in New York or a small town in Georgia, the sky above your property is going to become an asset. We’re entering a new era in real estate, where airspace is just as valuable as land.”
Unlocking the Full Value of Property with Air Rights
For property owners, air rights represent an opportunity to diversify income streams and increase property value. Whether through leasing air rights to drone delivery companies, selling them to developers, or using them to support urban air mobility, the possibilities are vast.
“Air rights are the next big thing in real estate,” Waun says. “The time to start thinking about the sky as an asset is now. As drones and air taxis become part of everyday life, the value of airspace will skyrocket—literally.”
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