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Rent You Own Private Jet? CNBC's Phil Han finds out how you can rent your very own private jet by the hour.

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CNBC's David Reid takes a ride in the Cessna Citation Latitude, a passenger jet designed to serve the city’s financial district.

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The post NetJets unveils its latest private jet for London | CNBC Reports appeared first on PrivateJetCharters.in.

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Patterson + Sheridan LLP bought a $3 million private jet to travel from Texas to California at least once a month to meet with their clients. They explain why the cost of the plane is worth it to them and how they use it to get their work done more efficiently.

“Given the nature of our work, it’s important to be in front of our clients and be able to look feel and touch their technology,” Todd Patterson, a partner at the firm, which specializes in high-tech patents and intellectual property, tells CNBC Make It. He says the trips allow for face-to-face meetings that provide a more hands-on, in-depth experience than a teleconference or video call.

Plus, relocating or opening a satellite office in the Bay Area — where commercial real estate is 40% more expensive, salaries are 50% higher and competition for technical talent is more intense, according to a 2017 report in the Houston Chronicle — would arguably make it difficult for the firm to hire new employees and ultimately result in Patterson and Sheridan passing some of the additional costs onto their clients.

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Why This Law Firm Bought A Private Jet To Save Money

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The British government finally has their own private jet capable of taking the Prime Minister on long haul flights. It has been dubbed 'Cam Force One'. CNBC's Phil Han reports.
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The United Kingdom Gets Own 'Air Force One' | CNBC

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CNBC's Robert Frank reports on the surge in demand for private jet flights as the wealthy avoid commercial flights.

The private-jet industry is seeing a rapid rebound from the coronavirus crisis, as new customers who had never flown private splurge to avoid the crowds and lines of commercial flying.

While commercial traffic is running about 15% to 17% of last year’s totals, private flights are running at up to 70% or more of normal, according to industry data and Private Jet Card Comparisons. Some private-jet charter companies are even running above their year-ago numbers. The growth is being driven almost entirely by new customers drawn to flying private because of health concerns and lower jet prices.

New customer sign-ups with industry leader NetJets in May were more than double the typical May, according to Pat Gallagher, the company’s president of sales, marketing and service. May was the biggest month for new clients since December 2007, which had been the industry’s previous peak.

PrivateFly, the private-jet charter broker, saw an 85% rise in inquiries in the first two weeks of June compared with the same period last year. Sentient Jet, part of Directional Aviation, said that of the more than 5,000 jet hours the company has sold since the beginning of April, half came from new customers.

Vista Jet, the global charter company, is back to about 85% of its pre-pandemic traffic in the U.S., according to CEO Thomas Flohr. He said 71% of all new customers are people who never had private-jet programs or memberships before.

While business travel remains almost nonexistent, private-jet companies say personal travel by wealthy affluent fliers — many of them older — have more than taken up the slack. They say that while many families who could afford to fly private couldn’t justify the costs, they are willing to spend the extra money for greater health safety.

“What we are seeing today is predominantly personal travel with people traveling to see loved ones, moving between homes and otherwise looking for an escape from wherever they have been hunkered down through the pandemic,” NetJets’ Gallagher said.

Blade, a private-aviation company that runs choppers and planes, said its private-jet charter business is up over 600% from last year, and over 70% of the business is customers who had never chartered. The most popular routes for fliers are New York to South Florida, and New York or the Northeast to Los Angeles.

Blade says health concerns are the top concern of customers, and the company has created a vast array of special health and safety measures — including allowing passengers to drive right up to the plane on the tarmac where certain airports allow. Passengers are given temperature checks and oximeter checks, and jets are fumigated and decontaminated with special machines. Some passengers ask pilots not to exit the cockpit without first texting passengers — and many passengers are bringing their own food and beverages so they don’t have to interact with crew.

NetJets says it is spending over $1 million a month on keeping its aircraft interiors virus-free and is testing all of its crew members and is clustering its aircraft at base locations to enable crew to travel to their planes in their own cars rather than having to fly commercial. It is also treating its jet cabins with an “antimicrobial barrier” that provides long-term protection from bacteria germs and viruses.

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