The dawn of autonomous vehicles is going to bring disruption with a capital “D” to industries around the world. And these industries only begin with the obvious verticals such as car-making, mass transport and trucking logistics.
Transwestern Commercial Services is trying to help participants in its own industry, commercial real estate, anticipate the big changes that autonomous driving is likely to bring to their realm, too. An expected decline in parking demands will be one of the big drivers.
“The auto of the future is going to have a significant impact on commercial real estate, traffic patterns, parking garages of the future and many other related matters,” Larry Heard, CEO of the Houston-based company, told me. “We are focusing on how values within the commercial real estate sector are going to be impacted by these various emerging trends.”
In fact, Transwestern recently produced a study on the topic, “The New Industry Driver: How the Rise of Autonomous Vehicles Could Impact Future Real Estate Strategy.”
Here are some of the main impacts that AVs could have on commercial real estate, according to the study: