Where plane flies and shows off speed (8)

I believe the answer is:

airspace

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'where plane flies' is the definition.
The answer is a location as well as being a singular noun. This is suggested by the definition.

'shows off speed' is the wordplay.
'shows off' becomes 'airs'.
'speed' becomes 'pace' (pace is a kind of speed).
'airs'+'pace'='AIRSPACE'

'and' acts as a link.

Can you help me to learn more?

(Other definitions for airspace that I've seen before include "What pilot goes through" , "Atmosphere over (area of) earth" , "Here planes fly" .)

I've seen this clue in the Sydney Morning Herald.

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