According to property consultancy Kirkby Diamond, the surrounding area will benefit directly with several major warehouse and industrial developments in the planning application process.

In April, transport secretary Heidi Alexander granted a development consent order for the airport to expand its perimeter and add a new terminal.

This would see the airport’s annual passenger capacity grow from around 16.7 million according to last year’s data, to a potential 32 million.

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“There is growing confidence in Luton as an excellent place to do business,” said Eamon Kennedy, senior partner and head of industrial and logistics at Kirkby Diamond.

“With the announcement of London Luton Airport’s expansion, it’s clear the region's economy is soaring and poised for further significant growth.
 
“We believe this could herald a once in a generation event, with commercial property investors and developers already ploughing enormous resources into the development of 2.5 million sq ft of warehouses and industrial units in and around Luton.”