Autonomous Vehicles are Driving Change in CRE

As driverless cars hit the streets over the next decade, they’ll change more than simply how people get around. They’ll also change the very face of commercial real estate, according to two experts at Deloitte.

In “Get Ready for the Driverless Revolution magazine” in Commercial Property Executive magazine, Steven Bandolik and Kenneth Meyer note that the rise of driverless cars (along with the growth of ride-sharing and car-sharing) should vastly reduce the need for parking. That should free up acres of space – now covered with parking lots – for more productive uses.

“Most commercial real estate companies seem to be projecting that the technology will be commercially available within the next five to 10 years,” they write. But they warn that owners should be feeling a sense of urgency, as the move away from each person arriving in a single car every day is already underway. “The time to start planning for this change is now,” they conclude.

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