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For those seeking expert guidance on aviation real estate matters, including hangar acquisition, development, or investment, Erik McCormick, Founder of Aviation Real Estate Specialists, is a valuable resource. With over 30 years of construction experience and over 20 in the real estate industry, Erik specializes in aircraft hangar sales, airpark runway home sales, and commercial aircraft hangar leases.
His expertise can provide invaluable insights for navigating the complex landscape of aviation real estate.In conclusion, while the aircraft hangar market faces significant challenges in terms of supply and demand, it also presents opportunities for growth and innovation. As the aviation industry continues to evolve, addressing the hangar shortage will be crucial for supporting its long-term development and sustainability.
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Costs and Availability
The cost of aircraft hangars varies widely based on several factors:
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Location - Phoenix Arizona - Example
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Small box hangars for piston aircraft typically range from $300,000 to $700,000 for 5,000-7,000 square feet
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Building a new freestanding general aircraft hangar averages $60-$120 per square foot, equating to approximately $900,000-$1.8 million for a 15,000 square foot hangar
Availability is a significant issue, with 71% of general aviation airports experiencing a shortage of individual hangars.
Waiting lists for hangar space can extend from six months to over two years.
Market Demand and Growth
The aircraft hangar market is experiencing steady growth:
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The global market size was valued at $713.8 million in 2023 and is expected to reach $975.2 million by 2033, growing at a CAGR of 3.17%.​
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North America dominates the market, accounting for 42.03% of the market share in 2021
Options for Building and Financing​
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To address the hangar shortage, airports and investors are exploring various options:
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Traditional fixed construction hangars
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Portable and inflatable hangars, which offer faster setup times and lower costs
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Public-private partnerships for hangar development
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Seeking government grants and funding assistance
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However, challenges such as high construction costs, labor shortages, and complex regulations often hinder new hangar development