As the global shift towards sustainability gains momentum, the rising popularity of electric vehicles (EVs) is reshaping the way businesses approach real estate. Booming demand for EV charging stations, eco-friendly infrastructure, and proximity to charging hubs is redefining property values and construction considerations. Is the CRE industry ready to keep up?
Tapping Into the Grid
As the popularity of electric vehicles continues to soar, the demand for charging stations is growing rapidly. In order to meet this demand, commercial real estate developers must consider if and how they will integrate EV charging stations into their properties. These charging stations are often strategically placed in parking areas of commercial buildings and shopping centers, and can serve as a compelling selling point for potential tenants.
One drawback of installing chargers, however, is that they take up parking spots that would otherwise be utilized by other customers. Builders and landlords will need to carefully consider how many spots they allot to EV charging stations, while ensuring there’s enough parking to meet total tenant demand.
Additionally, installing chargers may not be the best move for every commercial building. Businesses whose customers spend less than an hour at the site may find little benefit to having EV chargers. In fact, they may run the risk of attracting non-business patrons taking up precious parking space in order to charge their vehicle.
The Future of EVs
The possibilities around EVs are just beginning. While more and more households are purchasing EVs every year, this technology is expanding to other industries as well.
Electric delivery trucks, buses, and more are already hitting the roads across the country, driving the need for expanded networks to support electric fleets. Logistics and distribution centers must adapt to become EV-friendly and build strategic charging facilities in order to ensure efficient and convenient recharging for delivery vehicles, minimizing downtime and cutting down disruptions in the supply chain.
These shifts will also have ripple effects into other areas as well, such as housing, economic development, and urban revitalization, all of which could have a major impact on the commercial market. As the EV market continues to expand, commercial real estate developers will need to take proactive steps and consider how they will prepare to meet tenant and customer needs.
To get a comprehensive view on the rise of technology and how it is reshaping the Commercial Real Estate Industry read another One Observation article that talks about how the supply chain issues have caused CRE to change.
Read more here: https://www.bisnow.com/national/news/sustainability/cre-and-the-race-to-keep-up-with-ev-charger-demand-119935