If oil deals where you do not even own the land seem odd from a real estate perspective, then even odder are my marine farms in the Marlborough Sounds in New Zealand. With the entire operation being out at sea, it stretches the meaning of the word real in real estate.

The Marlborough Sounds are an extensive waterway in the northern part of the South Island of New Zealand. The fractal shores in fact comprise one-fifth of the length of New Zealand’s coastline. With unpolluted waters, an abundance of nutrients, and shelter from the open sea, these sounds provide the perfect environment for shellfish to grow. (See Figure 18.4.) The waterways are highly regulated. Limited numbers of licenses are granted, as overharvesting would be detrimental to the entire industry. Consequently, licenses have considerable value even before a crop is harvested.

My farms grow oysters and mussels. The spat is seeded on lines that hang vertically in the water from floating racks. Depending on water temperature, nutrients, and a number of other factors, the shellfish may be harvested anytime from around 7 months to 18 months. Once harvested, the crops are sold on the open market either for local consumption or, more typically, to be airfreighted to Asia or America. As such, prices are global, being affected by world supply and exchange rates.

Always be willing to expand your concept of commercial real estate to include anything where commerce is conducted within geographically defined spaces, be it on land, in the air, at sea, or, dare I say it, out in space.