When it comes to real estate, it may no longer be all about ‘location, location, location’ – and we may have driverless cars to blame. Or thank, depending on how you feel.
Since the dawn of civilizations and property, the link between property and transportation has been one of the most fundamental.
In fact, few things have determined land values more than advancements and developments in transportation, from roads, canals, railways and highways.
And while it’s still an inextricably linked pairing in the 21st century, the advent of the driverless car – promising stress-free and effortless commutes and the end of parking shortages – threatens to complicate the calculus for anyone buying or selling a property.
Arguably, real estate is an industry that stands to be most transformed by autonomous vehicles, changing real estate from a business that has been built upon three fundamental tenets: location, location, location.
Though the upheaval isn’t necessarily imminent – early forecasts give it at least another decade – the earliest examples of driverless services – buses, taxis and delivery vans – have already arrived.
But it isn’t all doom-and-gloom. Real estate, as it always has, will forge ahead, adaptive and resilient.
Think of the perks. Think about all the space that will be available in a world where cars no longer sit parked for an estimated 95 percent of the time. Think about how areas where mass transit once stood can potentially be transformed into attractive, lush greenscapes. Think about the relief for commuters, and the beginning of a new era of sprawl by encouraging development beyond bustling city epicenters.
The fundamental design and experience of streets and transportation could prove transformational – streets may become safe and there may no longer be a need for physical barriers like curbs that protect pedestrians.
While it may be a decade or more before the driverless car becomes available to consumers and even longer before it transforms our infrastructures, developments like driverless cars stand to have a huge impact on the landscape of real estate, commuting and land use – and sooner than we could’ve expected.
At DeLeon Sheffield Company, we’re passionately dedicated to real estate – come the trends, peaks, valleys, and yes, even driverless cars. Regardless of what the future holds, whether you’re buying or selling a home, driving a car or having a car drive you, our experienced agents are here to help you every step of the way.
Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’