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The Transportation Revolution Has Begun

Property sectors that feel the effects of ride-sharing and driverless cars will go beyond parking facilities, say Green Street Advisors and the Urban Land Institute.

By Paul Bubny | Updated on October 24, 2017

A driverless car Self-driving vehicles are expected to see widespread use by 2030. (Photo courtesy of Google)

NEWPORT BEACH, CA—The real estate implications of what Bill Ford has called “the mobility revolution” go beyond parking facilities, although the effects on that property sector will be considerable. Research from Green Street Advisors and the Urban Land Institute, prepared for ULI’s Fall Meeting this week, finds that many assets across a number of sectors are likely mispriced because today’s underwriting doesn’t factor in the coming changes in real estate brought on by ride-hailing and autonomous cars.

“Ride-hailing (e.g., Uber) and driverless vehicles will combine to dramatically reduce transportation costs and time,” according to Green Street and ULI. “A decline of vehicle ownership could cut parking needs in half within three decades. The 75 billion square feet of parking space to be eliminated is more than the US apartment, office, mall, strip center and industrial sectors combined. The impact on land values will be broadly deflationary.”

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