In airport property development, which step is the first?

• A. Assess
• B. Market Analysis
• C. Develop a Pro Forma
• D. Construction Phase

Answer: (A)

Starting point is to assess the project. This initial step establishes the baseline by clarifying objectives, evaluating site conditions, regulatory and environmental constraints, security considerations, and stakeholder needs. It also gauges overall feasibility and identifies risks and opportunities. Having this foundational understanding is essential because it informs what kind of market demand to expect, what costs and financing may be realistic, and what constraints must be addressed in the plan.

Market analysis comes after because it needs the context created by the assessment—data on demand, competition, pricing, and timing to determine how appealing and viable the project is.

Developing a pro forma relies on the market outlook plus estimated costs and financing terms to project financial performance, cash flow, and returns. Without the assessment and market inputs, the pro forma would be guesswork rather than a grounded financial model.

Construction phase occurs later, after the plan has been validated, approvals secured, and financing arranged. It is the execution stage, not the starting point.

So, assessing first ensures you have the necessary information to make informed market, financial, and implementation decisions.