Cars and Parking: Game Changer for Commercial Real Estate Development?

Event Recap

News Article:

 Autonomous self-driving cars, an explosion of car-sharing services, expanded on-demand deliveries, and disruptive new parking technology are all set to revolutionize how we think about cars and parking in offices and apartments.

On February 2, CREW Denver hosted a lunch program exploring these trends and to highlight both the challenges for “future proofing” our buildings and opportunities to capitalize on these trends to better serve your tenants.

E.J. Klock-McCook, with the Rocky Mountain Institute provided results from his organization’s report, Peak Car Ownership. If 25% of people give up cars in the next 10 years, the consequences will be profound. He also made a case that most self-driving cars will not be individually owned, but will be run by Mobility as a Service fleets and that by 2018, using electric, autonomous Mobility as a Service (eaMaaS) for transportation could cost the same as owning and operating a car. He also offered advice to developers to consider in future property design as well as opportunities to avoid sunk assets. See his presentation.

Peter Kozinski, with CDOT, discussed his department’s RoadX project which involves teaming with public and industry partners to make Colorado one of the most technologically advanced transportation systems in the nation, and a leader in safety and reliability. See his presentation.

Brent Mather, with Gensler and Bill Parkhill, with Tributary Real Estate, previewed a development they are collaborating on in Rino that is specifically designed to be retrofitted to alternative uses as parking demand drops. Parkhill also shared how that decision will affect the property’s returns in the short and long-term. Mather reviewed a number of design options to retrofit existing properties. See their presentation.