What will happen to parking lots if automated cars become the norm? If a car is automated it can be parked anywhere and doesn't need to be geographically positioned near its owner. For that matter, will individuals even need to own a car if they can hire an automated service and pay by the mile?
These are subjects being bounced around in the real estate world. According to recent article in Hatch, a publication of San Diego Magazine, there are 55,000 parking spaces in downtown San Diego. If cars become driverless will we need all those spaces? Probably not all of them. So then what do we do with that real estate? What other industries will be impacted by automated cars? Click here for an article on CNBC discussing the issue.
It is an exciting proposition to think about what parking lots may become in the future. Perhaps they can help with the housing shortage!
