Air Rights refer to the right to control, occupy, or use the vertical space above a subject property. Such rights offer potential economic benefit over and above the underlying property and can be bought, leased, sold, and transferred like other rights. In a business valuation analytical process, Air Rights qualify as intangible assets because they can be recognised, accurately measured, and can generate significant value to airline operators. Intangible assets are a class of assets without physical form which can generate value to the owners. In determining the fair market value of air rights, business valuators apply business valuation analytical techniques under the income, market and asset methods.