From Nick Vetsch at NAIOP on August 19, 2019:
Urban parking spaces are expensive for commercial real estate developers to build, and they detract from other more productive and attractive uses for building space. With increased mobility options – scooters, bikes, ride-hailing – many residents in densely populated cities such are adopting alternate modes of transportation and abandoning car ownership and its financial strains. In fact, some economists predict a decline in car ownership as early as 2030. As attitudes toward transportation change, commercial real estate developers are also shifting their building designs to accommodate these new modalities. Due to parking reduction incentives, developers in some cities are incorporating designated car-sharing parking spaces, which reduces the overall number of required parking spaces. By extension, this can also save on parking construction costs and can provide greater long-term flexibility for the property space.hich provided the loan for the acquisition and construction planning.