Ride-sharing technology is affecting building development strategies, as urban real estate developers try to avoid high land costs. Real estate developers are offering companies such as Uber and Lyft incentives and factoring in ride-sharing into their plans to reduce the amount of parking space needed for tenants and consumers. It is estimated that parking needs will be cut by 50% over the next 30 years as vehicle ownership declines, freeing 75bn sq ft of parking space. The rise of ride services has also led to a surge in demand for public transport – which means more people need to get around on foot.
Ride-sharing technology is affecting building development strategies, as urban real estate developers try to avoid high land costs. Real estate developers are offering companies such as Uber and Lyft incentives and factoring in ride-sharing into their plans to reduce the amount of parking space needed for tenants and consumers. It is estimated that parking needs will be cut by 50% over the next 30 years as vehicle ownership declines, freeing 75bn sq ft of parking space. As a result, real estate developers are anticipating greater car sharing and use of driverless cars and reducing available space, and in some cases, offering cash incentives for using Uber and Lyft or removing it entirely.