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Recent trends in airport-centered real estate development are addressed, with emphasis on the concept of the airport city. Airport cities are major economic hubs that have exhibited substantial growth and profits. However, evolution toward an airport city is difficult; several airports worldwide have failed in the attempt. The emergence of this type of development is related to major trends in the aviation sector during the past decades. Globalization and liberalization processes have led to a strong reliance of airport operators on nonaeronautical revenues. Real estate development centered on airports arises as a strategy to maximize nonaeronautical revenues and as a response to a need for revenue diversification. The purpose of this research was to identify the critical, underlying factors in the emergence of an airport city. A framework was designed to illustrate the agents that shape airport city development and the relationships between them. A key informant survey was then conducted with 30 respondents and complemented with personal interviews of eight of them. The results suggest the existence of four critical factors for the development of an airport city: the connectivity of the airport and its surroundings, the economic potential of the surrounding area, a sustainable development context, and a commercial attitude by the airport operator.

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