{"id":1004297300,"date":"2019-02-07T04:03:11","date_gmt":"2019-02-07T12:03:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004297300"},"modified":"2019-02-07T07:26:57","modified_gmt":"2019-02-07T15:26:57","slug":"how-mobility-shifts-shape-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-mobility-shifts-shape-cre\/","title":{"rendered":"How Mobility Shifts Shape CRE"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/mobility.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004297315\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-mobility-shifts-shape-cre\/mobility\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/mobility.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"mobility\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/mobility.jpg?w=800\" class=\"alignright wp-image-1004297315 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/mobility.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/mobility.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/mobility.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/mobility.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>From ancient times, transportation has shaped urban areas. One of the common locations for a city is where a river meets the ocean or the most-inland navigable point on a major river. Or think of the car-centric suburbs that flourished after World War II.<\/p>\n<p>The next revolution along these lines is already underway, according to Cushman &amp; Wakefield, which just released <a href=\"https:\/\/www.cushmanwakefield.com\/en\/research-and-insight\/2019\/tech-disruptors\" target=\"_blank\" rel=\"noopener\">Mobility Shifts in Commercial Real Estate<\/a><em>: <\/em>Implications of Ridesharing, Autonomous Vehicles, Micro-Mobility and Electric Vehicles, the third part of its Tech Disruptor reports series.<\/p>\n<p>This study of existing and emerging trends in mobility tech focuses on ridesharing, electric vehicles (EVs) and autonomous vehicles (AVs) and describes their current effects\u2014and their possible future ramifications\u2014on the CRE sector.&nbsp;\u201c<em>As transportation companies continue to innovate, consumer behavior is changing and a key question is how this affects commercial real estate<\/em>,\u201d Revathi Greenwood, Cushman &amp; Wakefield\u2019s Americas head of research, said in a prepared statement.<\/p>\n<p>Greenwood cited manufacturing facilities, office spaces, parking and gas stations as \u201c<em>just a few examples of how commercial real estate will need to adapt to the changing landscape of transportation. As urban commuters are spoilt for choice with options from public transportation to ridesharing, e-scooters, autonomous vehicles and electric vehicles, commercial real estate participants must be ahead of the curve to determine these changes and react accordingly<\/em>.\u201d<\/p>\n<h2>Key takeaways<\/h2>\n<ul>\n<li>Ridesharing, AVs, electric scooters and bikes are changing consumer behavior. Ridesharing is already reducing the use of public transit and increasing the number of vehicular miles travelled, increasing congestion and pollution.<\/li>\n<li>Nonetheless, ridesharing does not seem to have reduced car ownership\u2014for now. As a result, parking demand for multifamily developments will largely remain unchanged.<\/li>\n<li>What new mobility tech will reduce is the need for parking. The report predicts that <em>\u201cAt least 34 percent of existing parking in the U.S.\u201461 billion square feet\u2014and up to 140,000 gas stations will be at risk with increased AV and EV adoption by 2040\u20132050.\u201d <\/em><\/li>\n<li>Large, wealthy, dense cities with expensive parking likely will be early adopters of \u201cmobility-as-a-service\u201d (MaaS), though car-centric cities such as Phoenix, Orlando and Las Vegas are likely to see less change.<\/li>\n<li>The potential exists for the erosion of transit-oriented development premiums, but on the other hand, public transit systems could be revitalized by self-driving buses, particularly in congested major urban markets.<\/li>\n<\/ul>\n<div id=\"attachment_1004260274\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Revathi-Greenwood-Cushman-Wakefield.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004260274\" data-attachment-id=\"1004260274\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/report-coworking-space-on-the-upswing\/revathi-greenwood-cushman-wakefield\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Revathi-Greenwood-Cushman-Wakefield.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Revathi Greenwood, Cushman &#038; Wakefield\" data-image-description=\"&lt;p&gt;Revathi Greenwood, head of Americas Research, Cushman &#038; Wakefield &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Revathi Greenwood, head of Americas Research, Cushman &#038; Wakefield &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Revathi-Greenwood-Cushman-Wakefield.jpg?w=800\" class=\"wp-image-1004260274 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Revathi-Greenwood-Cushman-Wakefield.jpg\" alt=\"Revathi Greenwood, head of Americas Research, Cushman &amp; Wakefield\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Revathi-Greenwood-Cushman-Wakefield.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Revathi-Greenwood-Cushman-Wakefield.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Revathi-Greenwood-Cushman-Wakefield.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004260274\" class=\"wp-caption-text\">Revathi Greenwood, head of Americas Research, Cushman &amp; Wakefield (Image courtesy of Cushman &amp; Wakefield)<\/p><\/div>\n<p>Yet another possibility, according to Cushman &amp; Wakefield: <em>\u201cWidespread adoption of AVs is likely to cause more profound changes by freeing up time during commutes to either do more work\u2014thereby increasing employee productivity\u2014or to consume entertainment and news content\u2014thereby creating demand for these services.\u201d <\/em><\/p>\n<p>&nbsp;<\/p>\n<p><em>The full effects of these mobility technologies, however, are still \u201c<\/em><em>at least a decade or two away<\/em><em>\u201d <\/em>with multiple intervening obstacles, not least regulatory concerns, the report says.<\/p>\n<h2>New opportunities<\/h2>\n<p>The report points to a variety of real estate opportunities in the near, mid- and longer terms. In the near term<strong>\u2014<\/strong>the&nbsp;next 10 years, anticipate widespread Level 2 automation of vehicles\u2014steering and speed controlled by the vehicle in some circumstances, but human monitoring remains essential at all times. Large warehouses and distribution centers are likely to relocate to suburban and\/or less costly neighborhoods.<\/p>\n<p>In the mid-term\u2014the next 10 to 15 years, look for widespread Level 3 automation\u2014human intervention needed only in adverse weather, for example.<\/p>\n<p>Meanwhile, in the longer term\u2014the next 15-plus years, expect cities to be completely redesigned around changed mobility, as Level 4\/5 vehicle automation becomes widespread\u2014nearly full automation or a completely driverless vehicle.<\/p>\n<p>Changes could include dedicated pick-up spots for autonomous vehicle fleets, office building entrances reconfigured for AV pickup and drop-off, repositioning of unneeded gas stations, and a decreased need for truck stops. Cars that can park themselves will allow for easily 60 percent greater parking density.<\/p>\n<p>Other benefits are likely, too, says the report: \u201c<em>The increased mobility that driverless cars afford senior citizens may revitalize secondary retail in suburban locations.<\/em>\u201d<\/p>\n<p>This report follows Cushman &amp; Wakefield\u2019s previous report on <a href=\"https:\/\/www.commercialsearch.com\/news\/blockchains-implications-for-cre\/\">what blockchain technology could mean for CRE<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &#038; Wakefield offers a deep dive into the impact of ridesharing, electric vehicles and self-driving cars on the real estate sector.<\/p>\n","protected":false},"author":882,"featured_media":1004297315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742,21787],"tags":[32799,43052],"class_list":["post-1004297300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","category-technology","tag-cushman-wakefield","tag-revathi-greenwood"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Mobility Shifts Shape CRE - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/how-mobility-shifts-shape-cre\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Mobility Shifts Shape CRE\" \/>\n<meta property=\"og:description\" content=\"Cushman &amp; 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