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How Are Retailers Planning for Driverless Cars?

In the not too distant future, parking lots at retail centers could be obsolete, and retail owners today are grappling with how to convert that additional space into new revenue streams.

By Kelsi Maree Borland | Updated on December 04, 2017

Melina Cordero Melina Cordero

Personal car ownership is declining, and it is pressing developers to consider alternatives for onsite parking. In addition to a decrease in personal car ownership, as a result of public transit and ride sharing services, the possibility of driverless cars also decreases the need for generous onsite parking. Multifamily and office owners have been the most vocal about finding parking alternatives, but a new study from CBRE that looks at the future of retail, shows that retail owners are also looking at how changes in car ownership will affect the massive parking structures attached to many retail centers.

“It is a big question mark that everyone is trying to figure out,” Melina Cordero, head of retail research for the Americas at CBRE, tells GlobeSt.com. “We know that right now in new developments, parking structures are being built so that they are easily convertible. The answer is going to be unique for every property, depending on market conditions, demographics and demand locally. It is really to be seen.”

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