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Parking Lot Demand Flat Lines

Demand for parking lots continues to decline as ride-sharing services, like Uber, become the new normal.

Jonathan Genton Jonathan Genton

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.”

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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