Demand for parking lots is falling. While this may not be earth-shattering news—we have heard for years now that the potential for driverless cars and public transit will make parking lots obsolete in the future—what is surprising is the cause. Ride-sharing services like Uber are already decreasing demand for parking lots, today. As a result, parking lots have started to fall off investment radar, which is an asset class that has been a popular niche in a car market like Los Angeles.

“We are starting to see demand for parking lots start to fall away. We can only attribute a lot of that to Uber and other ride sharing services,” Jonathan Genton, founding partner and CEO of Genton Property Group, tells GlobeSt.com. “Those services make customers approach that product type differently.” As a result, it has become less advantageous for investors to own parking lots, generally, because the demand is falling.”

While investors are steering away from the asset class because of falling demand, developers, like Genton, are battling a different issue. They are asking: how much parking do you include in a new development? Genton, in the past, has talked about the challenge of obsolescence as a developer, especially in an age where technology is rapidly advancing. The solution has been to build adaptable parking structures. “As that disruptive technology happens, we are starting to see a lot of designers and architects building garages for future uses or multiple uses,” says Genton. “These are garages that could one day be adapted into office space or another use, and it is in response this highly disruptive technology. I think it is great.”