Growing cargo volumes and economic recovery are expected to boost demand for US airport real estate by the end of next year, research by leading property consultants Jones Lang LaSalle has revealed.

While the downturn caused global cargo levels and demand for logistics space around airports to decrease, the market is expected to "take off" in 2011 on the back of improved restocking, the Airports and Global Infrastructure (PAGI) report states.

"It's no secret that the decrease in global cargo volumes has negatively affected the demand for logistics and warehouse space around airports," said John Carver, head of the PAGI group at Jones Lang LaSalle.

"These statistics have not helped vacancy rates at the top U.S. airports, which are up an aggregate of 80 basis points year-over-year, keeping 2010 net absorption in negative territory.  That said, there has been some improvement this year and we expect that by late 2011the market will be ready to take off again."

The study analysed 11 of the country's top hubs and revealed airports such as New York's JKF and New Jersey's Newark Airport have remained buoyant thanks to their proximity to dense populations and low vacancy rates - JFK in particular has the lowest vacancy rates recorded at 3.3%.

Other dominant markets include Anchorage with 4.5%, LAX at 5.5% and Newark at 7.8%.

This in turn follows with the highest asking rents starting with JFK at $13.30 per sqft (psf), Anchorage at $11.28 psf and LAX at $10.59 psf.

Memphis remains the world's leading airport in terms of metric tonnes of container traffic according to figures from Airports Council International (ACI), but real estate surrounding Memphis International Airport remains flat with vacancy rates at 15%, relatively unchanged from this time last year and low rental rates at $2.18 psf.

While Memphis is the world's leading cargo airport it was heavily affected by the fall in cargo traffic. However, with cargo volumes healthier than in previous quarters, heavy investment in inter-modal connections and some strong recent leasing activity, the industrial real estate market surrounding the airport is expected to begin to rebound in the next 3-6 months.

Meanwhile, Dallas/Fort Worth International Airport has experienced industrial vacancy increase with current figures standing at 19.4% - the highest figure of all the 11 markets analysed.

"The most successful airports in the future will likely expand their focus to include more multi-modal capabilities and partner to create new development that spotlights integrated logistics or distribution functionality," said Aaron Ahlburn who heads industrial research at Jones Lang LaSalle.

"It is expected that vacancy levels are cresting in major US airport industrial markets, but true growth may not be realised until late 2011 if consumer demand falters and air cargo numbers continue to fall.

"Regardless, 2010 is proving to be much better than 2009, with more indicators pointing toward long-term optimism even if the short run outlook is somewhat unstable."