CEOs like Jamie Dimon of JP Morgan Chase and Goldman Sachs’ David M. Solomon want to see the troops back in the office. They suggest that being in your cubicle allows for more creativity. Speaking about working from home, Solomon said, “I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible.”
Private Jet Flights Down At Big City Airports
What’s good for the goose, might not be right for the gander. Recent data about where private jets are flying suggests many bosses are still decamped at second homes, perhaps dropping by their suburban residences from time-to-time. It doesn’t appear they are back to holding court in their ivory towers on a regular basis, at least yet.
While bosses like David Solomon of Goldman Sachs are urging employees to return to the office, ... [+]
For example, flights at Teterboro Airport in New Jersey, the busiest private jet airport in the country and gateway to Manhattan, remain 30% below 2019 pre-pandemic levels for the week ended May 12th. At Midway Airport in Chicago, over the past week, private jet operations are 34% below May 2019 - again, before the pandemic. That’s a bit better than the previous week, when flights were off by 39%. At Boston’s Logan Airport, private jet arrivals and departures were down 49% in the past week compared to 2019, and 43% for the previous seven days. All three are convenient to the many corporate headquarters in those cities.
The suburbs are a bit of a different story. Flights at Morristown Airport in New Jersey were off just 1% off 2019 numbers during the most recent seven days. Chicago Executive Airport in Wheeling, Illinois, convenient to high-end Windy City suburbs, saw flights increase 15%. Similarly, at Hanscom Field in Bedford, Massachusetts, flights were down by only 15% in the past seven days.
If the bosses and whomever they are meeting with aren’t flying to the airports nearest to the office, where are they going?
Second Home CEOs
Data from the payment services company Tuvoli, which transfers funds between charter brokers and operators, indicates CEOs may still prefer working from their second home locations.
Flights at Francis S. Gabreski Airport in Westhampton, New York, were up 195% in the past week compared to 2019, more than the 127% gain the previous week, and in line with the 195% increase in operations over the corresponding 12 months.
While ski season may be winding down, private jet flights at Aspen were up 87% for the week ending May 12. Despite COVID, or more accurately, because of the pandemic, private aviation flights at Pitkin Field were up 32% over the past year, compared to the same period in 2019/2020. It was a similar story in Jackson Hole, where private flights were up 87% in the past week and 45% during the last year.
Second-home hot spot Scottsdale, Arizona saw arrivals and departures of private jets up 75% in the past week and 31% for the past 365 days compared to 2019/2020. Wine and golf destinations were also popular with the private jet set. Napa and Bandon Dunes recorded 13% increases in the past week.
So what’s the best way to get some in-person face time with your boss? You might need to head to Florida. Miami’s Opa Locka Executive Airport, which has seen private aviation flights increase 47% 0ver 2019/2020, was up 62% during the past week and 85% the previous seven days. At Fort Lauderdale Executive Airport, which only serves private jets, flights over the week were up 24% and 9%.
It was a similar story at Palm Beach International, where private flights were up 55% in the past week and 38% over the past year compared to the 2019/2020 period. Over on Florida’s Gulf Coast, Naples Municipal Airport saw flights 47% up year-over-year. During the past week, that continued with a 34% gain.
Expanding Private Jet Access
If you want a silver lining, it looks like some bosses are planning to make private jet access available to a broader number of employees.
NetJets, the largest private jet operator in the world, previously said corporate clients have been enquiring about increasing access. It recently announced internally it is hiring 150 pilots, expecting flying to hit record levels by October.
Air Partner, a charter broker, reports increased interest in corporate shuttles. It also saw a 112% increase in corporate bookings during April, compared to the start of the year.
“For corporate travel, the appeal of private charter lies in the level of control and enhanced protection it provides businesses and their employees,” said David McCown, president of the company’s Americas division.
