C&W Perspectives

Adapting parking supply to meet changing demand is not just about reducing stock through alternative use and digital. Parking sector operations and data is often fragmented, divided between geographies, operators, owners and business model. However, forward-looking stakeholders are pushing for the standardization of parking data and interoperability of booking and payments systems. This includes monitoring, managing and predicting demand at asset level, where utilization data can be used to inform investors about potential for uplift in sites with large amounts of parking such as major shopping centres. It also puts the customer front of mind, giving them choices and the right user experience. Multiple online parking platforms have emerged over the past decade, primarily focused on payment or matching those in search of a space with available space in as frictionless a way as possible, (although the proliferation of exclusive apps is a source of frustration for many). Existing and anticipated changes to mobility makes decisions about the scale, location, and design of future carparks challenging. Designing and developing carparks to be AV-optimal from the outset means taking a significant bet on the fact that AV adoption will reach critical mass within a set timeframe. As a result, developers and designers need to compromise Our Predictions for the Future The Future between meeting demand in the short-term and adapting to new technologies and/or reduced demand in the longer-term. Rather than risk oversupply or obsolescence, developers with projects over long time frames are opting for structures which can be adapted, extended, or reduced as necessary. This allows developments to take into account plummeting private car use, following a period of transition which could well include AVs and EVs. In fact, if cars can park themselves, then humans may soon have no business even stepping foot within a carpark. The result – carparks designed specifically and exclusively to accommodate AVs – a sort of vending machine for vehicles. Changes include narrower bays, lower ceilings, and less lighting and ventilation. Research indicates a space saving of up to 2 sqm per space. Thinking beyond the car park and simply designing for maximum flexibility and adaption, more ambitious landlords and developers should look at how design and management strategies can adapt to or even influence end-user behaviour and demand. Rather than waiting for car parking facilities to become redundant through under- use, or opting not to provide parking facilities from the outset, landlords can offer transport alternatives to either accelerate a decline in demand or mitigate for a lack of parking provision. This article was based on the findings of the full report Driving Factors – The Impact of Urban Transport Trends on Carparks and Commercial Real Estate, a copy of which can be found at http://www.cushmanwakefield.co.uk/research- and-insight Policies restricting car use and parking supply will have the greatest and most immediate impact Technology platforms will emerge to maximise the opportunities to match underused carparks to new sources of demand Repurposing of carparks will remain in city centres. But conversion of out-of- town sites will also form part of intensification or diversification strategies as costs are lower Car-free or car-lite design will become a differentiator for major new developments. Ambitious developers will look to reduce parking provision and support alternative transport solutions, especially where these support placemaking Some cities will see parking facilities merge with public transport and civic infrastructure in the form of mixed- use hubs. AV-dedicated carparks will emerge on a longer time frame and in locations with lower public transport connectivity 1. 2. 3. 4. 5. CUSHMAN & WAKEFIELD 13 TOPICAL