Landlords battling high land costs are turning to a new partner: ride-hailing giant Uber Technologies Inc. As urban real estate becomes ever-more expensive, some property developers are shrinking or killing their parking spaces and offering Uber subsidies and other incentives instead. Developers of shopping malls, stadiums and theme parks,...
Ride - sharing technology is challenging urban development strategies , as urban real estate developers try to avoid high land costs . Real estate developers are offering companies such as hp and Lyft incentives and investing 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 400 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 .