What does air space refer to in real estate context?

In the context of real estate, air space refers to the space above a property that is owned along with that property. This concept is particularly important for determining property rights and uses, as it allows property owners to have control not just over the ground and any structures on it, but also over the air space directly above their property. For instance, property owners may have the right to build upwards, which is relevant in urban areas where vertical development is common due to limited land.

The other options do not accurately define air space in real estate. The space below water level is not typically referred to as air space, and while space beneath a foundation is a consideration in construction, it is not associated with air space. The notion of space solely for commercial leases also misinterprets the broader concept of air space, which can apply to both residential and commercial properties without restriction to lease type.