How do ride hailing services impact parking rental real estate?
Fewer people are parking cars at airports, using taxis or renting cars, according to a recent report from the National Academies Press.
Those trend lines are hurting airports, which depend on fees from parking lots, rental car companies and taxis as their biggest source of revenue other than the fees paid by the airlines. The money they currently collect from ride-hailing services do not compensate for the lower revenues from the other sources.
The Federal Aviation Administration reported in November that the $4 billion in fees collected last year for parking and ground transportation represented nearly 42 percent of the $9.6 billion in airport revenue from sources other than airline fees.
The revenue from parking is this big.
The combination far exceeded the fees the airports collected from food and beverage outlets, stores and hotels
Will this impact airport municipal bond ratings?
How could airports utilize that vacant space?
