![]()
While it's no surprise that global private jet demand has reached normal levels after the record post-COVID highs, some recent late-year special events and holidays, like the Formula 1 in Las Vegas and Thanksgiving, demonstrated that this market is in full force. What might this mean for aircraft availability and a lagging parking network?
A customized experience with low levels of uncertainty doesn't get old. The pillars of private jet travel are solidifying its demand footprint toward the beginning of 2024, with a small increase in November versus November 2022 according to WINGX data, and 23% more than four years ago. These positive numbers demonstrate that the market should remain strong throughout next year, and the question that charter providers like we here at Icarus Jet should ask is how anticipate to aircraft availability issues and navigate through to a globally thin parking offering.
Anticipation to reduce unknowns while strengthening the networks to secure aircraft availability, parking slots, and hangarage should've been a top priority by any serious and reputable private aviation provider during 2023. If the pandemic taught us something, is that nothing is impossible, and preparedness is the only ingredient to provide seamless service for discerning customers. Thinking about that now will most likely be too late and only secondary aircraft and parking options will be in play to offer customers.
For this, understanding data is key, and a trend on the rise of global turboprop usage for shorter flights cannot go unnoticed. A 7% increase was registered in late 2023 in turboprop movements compared to the high point of late 2021, which tells you the operational cost efficiency that these aircraft bring to the table, without necessarily jeopardizing comfort or luxury, is a key decision driver when chartering a private flight. The capacity of these models to operate on short runways and reach isolated locations is also an instrumental component of their value proposition.
On the other hand, I believe that the parking and hangarage availability are more concerning, with no short-term solutions in sight - building a hangar requires investment and time. With more than 700 new aircraft entering the global market last year, with roughly 70% of those landing in the US ecosystem, the top private jet hubs like Los Angeles, Teterboro, Dallas, and Miami just cannot accommodate the slot demand, and secondary and even tertiary options must be considered.
As a charter and trip support service provider, at Icarus Jet we are in a unique position, serving private aviation passengers on one end - trying to meet their aircraft availability needs, while also juggling the best options for crews and private jet owners regarding where to park their valuable aircraft.
In essence, we are confronted with the delicate balance of meeting demand while maintaining service standards throughout both business units. This reality has prompted us to explore innovative solutions, including collaboration with new operators, and optimized scheduling and route selection practices.
Addressing the parking issues
As the demand for private jet travel continues to climb, airports around the world are grappling with the scarcity of adequate parking space and hangar facilities. This bottleneck is particularly pronounced during peak travel seasons or when major events prompt a surge in private aviation usage, like the upcoming Super Bowl LVIII in Las Vegas.
Private jet trip support providers find themselves navigating the ground in search of available parking spaces for their clients, while some operators sometimes need to opt to fly empty aircraft to alternative airports to reposition and adapt to passenger itineraries or even secure storage. This not only incurs additional costs for flying private but also contributes to increased carbon emissions, raising public concerns about the sustainability of current practices.
In response to the parking crisis, the aviation industry is subsequently witnessing a notable surge in hangar development projects. These initiatives aim to create additional parking spaces, enhance operational efficiency, and provide a more sustainable solution for the growing demand for private jet travel.
New facilities at Miami Opa-Locka Executive Airport (OPF) by hangar complex building companies like Sky Harbour, as well as projects in Denver, Phoenix, and Dallas - projected for early 2024 - will add more than 900,000 square feet of high-end hangar space to the ecosystem. Naturally, this is not immediate with hangars usually taking between 12 and 18 months to complete, but it's just what the doctor ordered to diminish the parking issues.
Moreover, as the aviation industry addresses private jet parking challenges through hangar development projects, a delicate balance must be struck between catering to the increasing demand for luxury air travel and ensuring sustainable practices.
While these hangar initiatives aim to alleviate the immediate parking woes, stakeholders in the private aviation sector are also advocating for long-term planning and strategic networking. This includes ongoing collaboration with regulatory bodies, airports, and environmental organizations to create a framework that supports the industry's growth while minimizing its ecological footprint - which is standard to navigate in today's demanding business ecosystem.
In conclusion, the synergy between private jet parking issues and hangar development projects reflects the dynamic nature of the aviation industry. As the skies continue to fill with private jets, the success of these initiatives will shape the future of private air travel, ensuring it remains a seamless and sustainable experience for those seeking to experience the most flexible and efficient means of transportation around the globe.
About the Author
Pilot, president, and founder of Icarus Jet, a leading global trip support and aircraft management company, Kevin Singh has flown globally as a chief pilot and captain on private jets like the Hawker 800-A and Hawker 850XP, the Challenger 600 series and Global 6000.