Cell Towers: The Overlooked Tenant That Could Become More Valuable in the Satellite Age

When evaluating commercial real estate, investors typically focus on the buildings, tenants, rental income, and potential for redevelopment. But sometimes one of the most valuable opportunities is sitting in an overlooked corner of the property, occupying surprisingly little space. We're talking about cell towers.

At Habif Properties, we have several cellular communications sites within our commercial real estate portfolio, working with major industry participants including Verizon, AT&T, and Crown Castle. Most of these sites were established after our acquisition of the underlying properties, creating additional revenue streams and increasing value for the ownership groups. What might otherwise be an underutilized section of a parking lot or industrial property can become a long-term, income-producing asset.

Why Cell Tower Locations Are Difficult to Replicate

Unlike a typical commercial tenant, a cell tower operator cannot simply relocate to the next available building. Towers must satisfy specific network coverage requirements, engineering constraints, zoning regulations, and equipment needs. Finding suitable locations can be particularly challenging in densely developed urban environments, where available land is scarce and new tower construction often faces regulatory and neighborhood opposition.

Once established, these locations can become deeply integrated into the surrounding communications network. That makes a properly situated tower site potentially valuable to both the communications company and the underlying property owner. Companies such as Verizon and AT&T depend on extensive networks of strategically located infrastructure, while tower companies such as Crown Castle play an important role in providing and managing the physical sites supporting wireless communications.

Not Your Typical Landlord-Tenant Relationship

Cell tower leases are considerably different from traditional commercial leases. Agreements frequently extend for decades, include complicated renewal provisions, and address access rights, utility infrastructure, equipment expansion, and the addition of other wireless carriers.

From a property management perspective, the challenge is ensuring that the tower doesn't interfere with the property's primary use. Access routes, parking areas, maintenance activities, utility easements, and future redevelopment plans all require consideration.

There's also the question of who benefits when the tower becomes more valuable. If additional carriers install equipment or the operator expands its infrastructure, does the property owner receive additional compensation, or does all that economic upside remain with the tower company? These details can have substantial financial implications over the life of an agreement.

Will Satellites Make Cell Towers Obsolete?

Until recently, one emerging concern was that satellite-to-cell technology might eventually reduce the need for traditional cell towers. Companies such as SpaceX have demonstrated the ability to connect mobile devices directly to satellites, raising questions about the long-term value of terrestrial wireless infrastructure. But recent developments suggest the future may look very different.

According to an October 2026 Reuters report, SpaceX is pursuing access to at least 80,000 existing U.S. cell sites as part of its ambitions to establish a nationwide wireless network. The company has reportedly held discussions with Crown Castle, one of the country's largest tower operators.

The irony is hard to miss. The company developing technology that some believed could eventually replace cell towers may now become one of their largest potential customers.

The explanation is relatively straightforward. Satellites can provide coverage in remote and underserved areas, but terrestrial networks remain important for delivering the capacity, reliability, and performance required in densely populated markets. Rather than replacing one another, these technologies may become increasingly complementary. That doesn't guarantee higher rents for every existing tower site, but it does challenge the assumption that satellite technology necessarily diminishes their long-term value.

The Value of Thinking Long Term

At Habif Properties, our experience working with Verizon, AT&T, and Crown Castle, and negotiating and managing cellular infrastructure leases, has reinforced the importance of treating these sites as long-term real estate investments rather than simply collecting another rent check.

Tower operators routinely seek extended lease terms, purchase options, and other provisions designed to secure control of their locations far into the future. For property owners, the challenge is balancing immediate financial incentives against decades of potential rental income, future network expansion, and the underlying property's flexibility. A modest upfront payment can seem attractive, but surrendering control or future revenue opportunities for generations deserves careful consideration.

As wireless technology evolves, demand for strategically located communications infrastructure may evolve with it. For commercial property owners fortunate enough to control established tower locations, preserving that flexibility could prove increasingly valuable. Sometimes the best real estate investment isn't a new building or a redevelopment project. It's recognizing the value of the infrastructure that's already standing on your property.