Air Rights in Real Estate
Air rights refer to the legal right to use or occupy the empty vertical air space above a property. The property is typically a commercial building, apartment building, or condominium building located in a densely populated city where land is expensive and in limited supply. Developers and building owners can buy or lease and use air space above an adjoining building without buying the building in order to increase the value of their property.
Air space can be used for any lawful purpose subject to local zoning laws. Air rights do not extend into navigable air space which is regulated by the Federal Aviation Administration (FAA). This is commonly 500 to 1000 feet above the tallest structures in the area.
Air rights are often used for billboards and advertising signs above buildings.