![\"EV](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/C-photo_CBRE-EV-charge-1-e1719479922200.jpg\")
<\/a>Three things need to happen before more consumers get on board with electric vehicles: faster charging time (under 20 minutes), a 350-mile plus driving range and a lower purchase price. Despite these obstacles and other hiccups along the way\u2014like how this year\u2019s elections could shape policy\u2014EVs are here to stay.<\/p>\n\n\n\n
According to J.P. Morgan, just under 1 million vehicles, or 1 percent of global auto sales, came from plug-in electric vehicles in 2016. By next year, EVs and hybrid electric vehicles are estimated to account for some 30 percent of all sales. This is putting pressure on owners of office and retail properties, who might need to invest now if they want to be part of tomorrow\u2019s infrastructure.<\/p>\n\n\n\n
Shop\u2014and work\u2014while you charge<\/strong><\/strong><\/h2>\n\n\n\n![\"Property](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/A-photo_2501-Fire-Mesa-Street.jpeg?w=1024\")
<\/a>Millennium Commercial Properties is taking over the management of several large office buildings in northwest Las Vegas and is exploring options for putting in EV stations. Image courtesy of Millennium Commercial Properties<\/em><\/figcaption><\/figure><\/div>\n\n\n\u201cAs an owner of an EV. I may be prejudiced. However, I do think progressive landlords should take advantage (of the opportunity) in the competitive leasing market to supply EV charging stations on their properties,\u201d said Jeff Chain, principal with Millennium Commercial Properties.<\/p>\n\n\n\n
\u201cEVs are here to stay<\/a>, and you see more and more every month on the streets and in our neighborhoods. Ease and convenience could make the difference from a possible tenant selecting your property over a non-EV property,\u201d added Chain.<\/p>\n\n\n\nMillennium Commercial Properties is taking over the management of several large office buildings in the northwest part of Las Vegas. Chain has already discussed with the owner about putting in EV stations.<\/p>\n\n\n\n
\n\n\n\nREAD ALSO:<\/strong> EV Boom Reshapes US Industrial Landscape<\/a><\/p>\n\n\n\n
\n\n\n\nChain has developed more than 1 million square feet of office space in Las Vegas, but that was pre-EV. \u201cIf I were to do another ground-up or remodel, I would definitely include EVs,\u201d he mentioned. The ability to sit in the office instead of a parking lot to charge would be great. Retail centers in Las Vegas have also discovered EV charging brings customers to their centers. While the car is charging, they are shopping.<\/p>\n\n\n\n
Minimizing risk when deploying EV chargers<\/strong><\/h2>\n\n\n\n\u201cMost of our REITs and investors\u2014the landlords at commercial properties\u2014are heavily focused on what is the right ownership structure of EV infrastructure,\u201d said Jim Hurless, global real estate leader for CBRE\u2019s EV business. \u201cShould an office or landlord buy the hardware, the software and operate the network themselves\u2014or should they pull in a third-party operator? It all comes down to capital.\u201d<\/p>\n\n\n
\n![\"Third-party](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/B-photo_CBRE-EV.jpg?w=1024\")
<\/a>CBRE\u2019s EV business provides landlords at commercial properties with a third-party operator option that has no capital expense and delivers a revenue share. Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\nSome operators are opting to have a third-party operator come in and deploy their own network at no capital expense to the landlord in lieu of a form of revenue share. \u201cThere’s a lot of different models, but largely landlords are looking for zero capital and to minimize the amount of risk so that they’re not depending on utilization of those chargers to make back that investment,\u201d added Hurless.<\/p>\n\n\n\n
\n\n\n\nREAD ALSO:<\/strong> EV Battery Quest Super-Charges Demand for Sites, Facilities<\/a><\/p>\n\n\n\n
\n\n\n\nNobody is ignoring the EV conversation, especially on the developer side, according to Hurless. Several states are requiring minimum EV deployments as soon as development starts on a new building, or when a parking lot is renovated. In some parts of California, 10 percent of all parking stalls must be pre-prepped or have operating EV infrastructure deployed along with the new construction. San Francisco has a 20 percent mandate in the municipality. In New York and Detroit, 5 percent of parking stalls have to be electrified.<\/p>\n\n\n\n
According to Hurless, regardless of the mandates, there\u2019s no shortage of private capital funding the deployment and growth of EV charging. EV vehicles are going to be the way of the future and that infrastructure will need to be in place. \u201cThe capital lending institutions and the equity firms are definitely putting money into this space,\u201d he noted.<\/p>\n\n\n\n
EV chargers as competitive amenity<\/strong><\/h2>\n\n\n\n
<\/a>\u201cAs an owner of an EV. I may be prejudiced. However, I do think progressive landlords should take advantage (of the opportunity) in the competitive leasing market to supply EV charging stations on their properties,\u201d said Jeff Chain, principal with Millennium Commercial Properties.<\/p>\n\n\n\n
\u201cEVs are here to stay<\/a>, and you see more and more every month on the streets and in our neighborhoods. Ease and convenience could make the difference from a possible tenant selecting your property over a non-EV property,\u201d added Chain.<\/p>\n\n\n\n Millennium Commercial Properties is taking over the management of several large office buildings in the northwest part of Las Vegas. Chain has already discussed with the owner about putting in EV stations.<\/p>\n\n\n\n READ ALSO:<\/strong> EV Boom Reshapes US Industrial Landscape<\/a><\/p>\n\n\n\n Chain has developed more than 1 million square feet of office space in Las Vegas, but that was pre-EV. \u201cIf I were to do another ground-up or remodel, I would definitely include EVs,\u201d he mentioned. The ability to sit in the office instead of a parking lot to charge would be great. Retail centers in Las Vegas have also discovered EV charging brings customers to their centers. While the car is charging, they are shopping.<\/p>\n\n\n\n \u201cMost of our REITs and investors\u2014the landlords at commercial properties\u2014are heavily focused on what is the right ownership structure of EV infrastructure,\u201d said Jim Hurless, global real estate leader for CBRE\u2019s EV business. \u201cShould an office or landlord buy the hardware, the software and operate the network themselves\u2014or should they pull in a third-party operator? It all comes down to capital.\u201d<\/p>\n\n\n Some operators are opting to have a third-party operator come in and deploy their own network at no capital expense to the landlord in lieu of a form of revenue share. \u201cThere’s a lot of different models, but largely landlords are looking for zero capital and to minimize the amount of risk so that they’re not depending on utilization of those chargers to make back that investment,\u201d added Hurless.<\/p>\n\n\n\n READ ALSO:<\/strong> EV Battery Quest Super-Charges Demand for Sites, Facilities<\/a><\/p>\n\n\n\n Nobody is ignoring the EV conversation, especially on the developer side, according to Hurless. Several states are requiring minimum EV deployments as soon as development starts on a new building, or when a parking lot is renovated. In some parts of California, 10 percent of all parking stalls must be pre-prepped or have operating EV infrastructure deployed along with the new construction. San Francisco has a 20 percent mandate in the municipality. In New York and Detroit, 5 percent of parking stalls have to be electrified.<\/p>\n\n\n\n According to Hurless, regardless of the mandates, there\u2019s no shortage of private capital funding the deployment and growth of EV charging. EV vehicles are going to be the way of the future and that infrastructure will need to be in place. \u201cThe capital lending institutions and the equity firms are definitely putting money into this space,\u201d he noted.<\/p>\n\n\n\n
\n\n\n\n
\n\n\n\nMinimizing risk when deploying EV chargers<\/strong><\/h2>\n\n\n\n
<\/a>
\n\n\n\n
\n\n\n\nEV chargers as competitive amenity<\/strong><\/h2>\n\n\n\n