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Self driving car : Impact on real estate
- 1. Driverless Cars: Impact onReal Estate Rodrigo Amado Emily Dunn Pauline Martin Kshitij Parashar Clelia Schwing
- 2. Agenda What is adriverless car? Impacts on: - Parking - Retail - Residential
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- 4. Driverless cars willhave profound impacts on our cities and the way we live.
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- 6. 90% Driveless cars X2 Capacity Reduce timeby 60% on Motorway
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- 8. Saved space =More recreation!
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- 11. Ride Sharing =More Green!
- 12. How parking affectsthe economics of a real estate project Source: CBRE Research, Q1 2016 Commercial Real Estate Single-Family Real Estate Development cost Occupancy cost 0 20 40 60 80 100 120 140 1 additional parking space Cost/unit Volume/unit +25% -25%
- 13. How parking affectsthe economics of a real estate project Source: CBRE Research, Q1 2016 Commercial Real Estate Single-Family Real Estate Development cost Occupancy cost 0 20 40 60 80 100 120 140 1 additional parking space Cost/unit Volume/unit +25% -25% 25-30% Mortgage
- 14. How parking affectsthe economics of a real estate project Source: CBRE Research, Q1 2016 Commercial Real Estate Single-Family Real Estate Development cost Occupancy cost 10-12 % 4,5 % 0 20 40 60 80 100 120 140 1 additional parking space Cost/unit Volume/unit +25% -25% 25-30% Mortgage Offices’ Underground garage
- 15. Driverless cars couldallow people to live wherever they want Miles spent for parking Miles getting to your destination 30% 70% Impact on Parking: Increased Flexibility
- 16. Impact on Parking:Commercial 800 million Sqft 1/8 commercial parking
- 17. Impact on Parking:More Office Space! 2 OFFICE INVENTORY
- 18. Parking Space Itself,Decreases!
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- 20. Impact on Retail Stretchout Easier commute Customers
- 21. Impact on Retail Stretchout Easier commute Customers Delivery Commodities
- 22. Impact on Retail Stretchout Easier commute Customers Delivery Commodities Lifestyle & Entertainment
- 23. Impact on Retail:Rent decreases Rent Density Current situation With driveless car
- 24. Impact on Retail 4-QuadrantModel 1 2
- 25. Impact on Retail 4-QuadrantModel 1 23 4
- 26. Impact on Retail 4-QuadrantModel 3 4 5 6
- 27. Impact on Residential “Citiesmay become places where no one lives but where everyone works and meets” (Noah Smith, 2015)
- 28. Impact on Residential Easier commute KeyAssumption: Most jobs in city centre.
- 29. More suburban areas Impact on Residential Easier commute KeyAssumption: Most jobs in city centre.
- 30. More suburban areas Impact on Residential Easier commute Biggerhouses Row house complex Key Assumption: Most jobs in city centre.
- 31. More suburban areas Mix retail & Residential Impacton Residential Easier commute Bigger houses Row house complex Key Assumption: Most jobs in city centre.
- 32. Impact on Residential:Suburbs Space: ↓ 𝐶𝑎𝑝 𝑅𝑎𝑡𝑒 = 𝑁𝑂𝐼 ↑ 𝑉𝑎𝑙𝑢𝑒 Asset/Market: ↓ 𝐶𝑎𝑝 𝑅𝑎𝑡𝑒 = 𝑁𝑂𝐼 𝑉𝑎𝑙𝑢𝑒
- 34. Impact on Residential: Downtown Space:↑𝐶𝑎𝑝 𝑅𝑎𝑡𝑒 = 𝑁𝑂𝐼 ↓ 𝑉𝑎𝑙𝑢𝑒 Asset/Market: ↑𝐶𝑎𝑝 𝑅𝑎𝑡𝑒 = 𝑁𝑂𝐼 𝑉𝑎𝑙𝑢𝑒
- 35. Overall Housing RentImpacts Assumption: Agricultural land not available for housing • Increased demand for land = flattened line • Increased land value due to reduced costs of transfer (K)
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- 37. What to Watch Increased Propertyvalue suburbs Lifestyle & Entertainment areas Less Parking
- 38. The future ishere… Adapt.
Editor's Notes
- #12 This animated slide would be an interesting opener into Impact of self driving cars on parking.
- #19 The advent of self-parking facilities will see prime parking lots and associated gas stations in urban cores reclaimed, with some reversal of the urban sprawl generated in earlier phases. This will affect not only development costs for new buildings, but also the value and usage of existing buildings with parking structures.
- #20 The advent of self-parking facilities will see prime parking lots and associated gas stations in urban cores reclaimed, with some reversal of the urban sprawl generated in earlier phases. This will affect not only development costs for new buildings, but also the value and usage of existing buildings with parking structures.
- #21 The advent of self-parking facilities will see prime parking lots and associated gas stations in urban cores reclaimed, with some reversal of the urban sprawl generated in earlier phases. This will affect not only development costs for new buildings, but also the value and usage of existing buildings with parking structures.
- #22 The advent of self-parking facilities will see prime parking lots and associated gas stations in urban cores reclaimed, with some reversal of the urban sprawl generated in earlier phases. This will affect not only development costs for new buildings, but also the value and usage of existing buildings with parking structures.